HALISTER1: RATES: 10Y Will Require ‘Concession to Underwrite,’ JPM Says

RATES: 10Y Will Require ‘Concession to Underwrite,’ JPM Says

(Bloomberg) -- Although 10Y sector has cheapened recently after trading rich vs. its wings during Q1, second 10Y reopenings have historically been “more challenging” to underwrite than a new issue or first reopening, JPMorgan strategists led by Jay Barry say in April 12 note.
  • Since last auction, 10Y yields have fallen by 12bp and are trading near YTD lows
  • Although dealer inventories have fallen from recent peaks, they remain elevated vs medium-term averages especially for longer maturities
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Jay Barry (JPMorgan Chase & Co)

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