There have been early deliveries made into the June Five and Ten year futures. The repo rates are generally higher than the coupons of the Cheapest to Deliver in the respective baskets. There were 2.1 Billion of the 3.875 8/11 delivered into the TYM by several firms the largest being Lehman, JP Morgan and Deutche Bank with JP Morgan receiving over 1 Billion. There were 500 Million of the 4.125 8/10 delivered into the FVM by Greenwich with MAN taking most of it. You should expect early deliveries to be made in these two issues, especially the TY. The O/N Repo on the 8/10 was a bit tighter last night than it has been which would explain why less of the issue was delivered. Note: The Long is selected to receive based on the trade date of the position. The oldest position will receive first.