August 10, 2018 / 8:05 PM / in 4 months

UPDATE 1-Speculators pare U.S. 10-year T-note net shorts from record high -CFTC

    * Speculative 5-year T-note net shorts hit record peak
    * Speculators raise net shorts in 30-year T-bonds
    * U.S. sells record amounts of 10-year, 30-year debt

 (Adds background, details on latest data)
    Aug 10 (Reuters) - Speculators' net bearish bets on U.S.
10-year Treasury note futures slipped from an all-time high
earlier this week before the Treasury's record offering of
10-year debt, according to Commodity Futures Trading Commission
data released on Friday. 
    The amount of speculators' bearish, or short, positions in
10-year Treasury futures exceeded bullish, or long, positions by
586,299 contracts on Aug. 7, according to the CFTC's latest
Commitments of Traders data.
    A week earlier, speculators held a record 590,128 net short
positions in 10-year T-note futures.
    On the other hand, speculative net shorts in U.S. five-year
T-notes set another all-time peak at 841,043 contracts on
Tuesday, while speculators increased their net shorts in 30-year
T-bonds to 31,943 contracts, the most since May 29.
    Earlier this week, the U.S. Treasury sold $78 billion in
coupon-bearing debt as a part of its August refunding with the
goal to raise nearly $40 billion in new cash.
    The government has ratcheted its borrowing after suspending
its statutory debt ceiling in the aftermath of a two-year
spending agreement. It also needs to issue more debt to finance
a growing budget deficit stemming from the massive tax cut
enacted in December.
    The Treasury sold $34 billion in three-year notes on
Tuesday, followed by a record $26 billion in 10-year debt on
Wednesday and $18 billion in 30-year bonds on Thursday, which
was the most ever for that maturity.
    Below is a table of the speculative positions in Treasury
futures on the Chicago Board of Trade and in Eurodollar futures
on the Chicago Mercantile Exchange in the latest week:
 U.S. 2-year T-notes (Contracts of $200,000) 
        Aug. 7, 2018      Prior week
        week           
 Long         433,698        435,834
 Short        527,280        534,893
 Net          -93,582        -99,059
 
U.S. 5-year T-notes (Contracts of $100,000) 
        Aug. 7, 2018      Prior week
        week           
 Long         519,475        513,568
 Short      1,387,031      1,354,611
 Net         -867,556       -841,043
 
U.S. 10-year T-notes (Contracts of $100,000) 
        Aug. 7, 2018      Prior week
        week           
 Long         493,797        471,702
 Short      1,080,096      1,061,830
 Net         -586,299       -590,128
 
U.S. T-bonds (Contracts of $100,000) 
        Aug. 7, 2018      Prior week
        week           
 Long         138,647        124,484
 Short        170,590        145,107
 Net          -31,943        -20,623
 
U.S. Ultra T-bonds (Contracts of $100,000) 
        Aug. 7, 2018      Prior week
        week           
 Long         102,796         96,514
 Short        322,903        319,050
 Net         -220,107       -222,536
 Eurodollar (Contracts of $1,000,000) 
        Aug. 7, 2018      Prior week
        week           
 Long         853,513        839,318
 Short      3,939,297      3,946,824
 Net       -3,085,784     -3,107,506
 Fed funds (Contracts of $1,000,000) 
        Aug. 7, 2018      Prior week
        week           
 Long         222,027        288,849
 Short        140,784        129,782
 Net           81,243        159,067
 
 (Reporting by Richard Leong; Editing by Cynthia Osterman and
Richard Chang)
  
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