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*** Couple different factors.........>

US TSY FUTURES
US TSY FUTURES: *** Couple different factors seeing Tsys slowly reversing gains
last half hour. Equities paring losses, FANG shares in the green now. Jumbo
Bayer 8-tranche 3-30Y issuance generating some pre-issuance hedging though size
still to be announces. Historical context, top 3 mega deals: $49B Verizon from
Sep 11, 2013; $46B AB InBev from Jan 13; March 6 $40B CVS 9-Part CVS. Curves
resume flattening/new 11-year lows, update:
* 2s10s -0.920, 36.211 (35.503L/37.174H);
* 2s30s -0.480, 49.253 (48.245L/49.817H);
* 5s30s +0.727, 25.466 (24.341L/25.679H);
Current futures levels:
* Sep Ultra bonds up 4/32 at 157-28 (157-25L/158-10H)
* Sep 30-yr Bond futures up 3/32 at 143-24 (143-21L/144-03H)
* Sep 10-yr futures up 3/32 at 119-22 (119-19L/119-25H)
* Sep 5-yr futures up 2/32 at 113-09.75 (113-08L/113-11.25H)
* Sep 2-yr futures up .75/32 at 105-27 (105-26.25L/105-27.75H)

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