The New Issue 20 Year Auctions Have Tailed This Week

The final nominal coupon refunding in the form of 15 billion dollars worth of twenties required a fairly significant concession. Next week, along with jackson hole, we do get twos, fives and sevens for august that we'll be watching for to offer a bit of a flattening concessionary impulse. But over all, the sponsorship we've seen for the front end and belly of the curve in the primary market this year has been solid, and that's not something that's likely to change this week.