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Vaccine News Spurs Massive Risk-On Surge

US TSYS SUMMARY

Already trading with a risk-on tone following weekend news former VP Biden now President Elect, rates gapped lower/equities surged to new all-time highs before the NY open after Pfizer announced vaccine is 90% effective in combatting Covid-19.

  • Heavy Tsy volumes (TYZ 175% 20D avg, FVZ 184% 20D avg). Obviously better selling included huge Blocks (-23,500 TYZ 137-19 for example) helped push 10YY to eight month high of 0.9730% midmorning. Curve steepeners back on (+10,865 TYZ vs. -4,553 USZ)
  • S&P futures extended rally to new high of 3668.0 (appr +155.0) after the open but scaled back to +85.0 after the close.
  • After holding to sidelines do to election uncertainty, corporate issuance returned with a bang w/ $18.5B, lion's share tied to $7B Bristol-Myers Squibb 6pt. US Tsy $54B 3Y Note auction (91282CAW1) stopped through: awarded 0.250% (0.193% last month) vs. 0.252% WI, on a bid/cover 2.40 vs. 2.44 previous.
  • The 2-Yr yield is up 2.8bps at 0.1806%, 5-Yr is up 8.3bps at 0.444%, 10-Yr is up 13.6bps at 0.9542%, and 30-Yr is up 14.6bps at 1.7464%.
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