According to the Treasury International Capital System (TIC) January data, the total net purchases, which refer to purchases and sales and exclude paydowns on agency MBS, were $6.3 billion.

Bank of America Merrill Lynch analysts reported that net of paydowns amounting to $17.5 billion, overseas holdings of agency MBS dropped by $11.1 billion. This means another month of weak net demand for agency MBS from overseas buyers, analysts said. 

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