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Yld Curves Bull Flatten

US TSYS SUMMARY

Well bid all day, Tsy futures paring gains well after the NY close, yld curves bull flattening with long end outperforming. Generally quiet summer trade.

  • Some knock-on support from Bunds in the first half while higher than anticipated weekly claims (+135K TO 1,106K) contributed as well.
  • Sep/Dec roll volumes gearing up ahead of Aug 31 first notice (Dec takes lead)
  • Midday BLOCK, Duration Weighted Steepener: +5,730 TYZ 139-14.5, post time offer; -3,735 UXYU 158-00, through 158-00.5 post time bid.
  • Decent rate-lock/deal-tied hedging: $7.5B #JNJ 6pt: $1B 5Y +30, $1.5B 7Y +50, $1.75B 10Y +65, $1B 20Y +75, $1B 30Y +90, $1.25B 40Y +110; and $1.1B #Eli Lilly $250M 30Y +93, $850M 40Y +120.
  • The 2-Yr yield is up 0.2bps at 0.1411%, 5-Yr is down 1.3bps at 0.2707%, 10-Yr is down 2.9bps at 0.6509%, and 30-Yr is down 3.9bps at 1.3852%.
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