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TREASURIES-U.S. yields rise as Deutsche Bank shares post steep gains

By Gertrude Chavez-Dreyfuss
    NEW YORK, Sept 30 U.S. Treasury debt yields rose
on Friday as risk appetite improved with the recovery in
Deutsche Bank share prices and the release of generally solid
U.S. economic data that keeps the  Federal Reserve on track to
raise interest rates in December.
    U.S. yields, which move inversely to prices, on the 10-year
note and 30-year bonds hit session highs. Yields, however,
remained on a downtrend, having fallen in seven of the last nine
trading sessions given global geopolitical tensions and
political uncertainty arising from the upcoming U.S. elections. 
    Deutsche Bank shares traded up nearly 6 percent 
in Europe, while its American Depositary Receipts (ADRs) which
trade in the U.S., were up 13 percent, after plunging 7 percent
the previous session.
    "We are very much being driven by headline risks at Deutsche
Bank," said Gennadiy Goldberg, interest rates strategist at TD
Securities in New York.
    Deutsche Bank, which has prompted a bid for Treasuries for
most of this week, has been in the midst of a $14 billion legal
battle with the U.S. government in connection with the bank's
issuance and underwriting of mortgage-backed securities. 
    But even though Deutsche Bank shares were up on the day,
things could turn quickly, analysts said.
    "Obviously, people are afraid of what could possibly happen
over the weekend," said Tom Digaloma, managing director at
Seaport Global in New York. 
    "So this is becoming a reality for a lot of people. You just
don't know how bad it could get for Deutsche."
    On the U.S. economic front, TD's Goldberg said the data,
while not stellar, was a step in the right direction. U.S.
consumer spending fell in August, but core inflation showed an
uptick. 
    In addition, the manufacturing index for the U.S. Midwest
rose to 54.2 in September from 51.5 percent in August.
 
    In late morning trading, U.S. benchmark 10-year Treasury
notes were down 11/32 in price for a yield of 1.596
percent, up from 1.556 percent late on Thursday.
    U.S. 30-year bonds fell more than a point in price, yielding
2.325 percent, up from Thursday's 2.274 percent. 
    On the front end of the curve, U.S. two-year notes were flat
to slightly lower in price for a yield of 0.757 percent, up from
0.746 percent on Thursday.

 (Reporting by Gertrude Chavez-Dreyfuss; Editing by Phil
Berlowitz)

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