A modest bid for T-Notes to start the.......>

US TSYS: A modest bid for T-Notes to start the week, although the contract has

failed to make a clean break through Friday's late highs, at least for now, last

+0-01+ at 139-08+. The previous "MARKET TALK" bullet outlined some of the

Tsy-supportive forces at play at the start of this week.

- A reminder that COVID-19 worry, the aforementioned issues for Facebook and

some hangover from the Fed's stress tests provided a risk-off feel to Friday

trade, with a sprinkling of month-/quarter-end rebalancing flows (negative for

equities and positive for bonds) possibly in the mix. Volumes were typically a

little light of average on Friday, with contacts pointing to 'heavy' receiving

from real money names (structural vol sellers), primarily in 10's and 30s, as

the cash Tsy curve bull flattened.

- A light Asia-Pac docket to start the week, with focus on Fedspeak from

Williams & Daly later on Monday.