Lrg Mnth-End Buys, FI+Eq

Tsy ylds look to finish the month at 5M lows, 10YY still above March 9 all-time low of 0.3137% at 0.5347% Fri; 10Y real yld/TIPS on the other hand DID break March all-time low of -1.0083% to -1.0230% on the bell after heavy month end buying.
- Tale of two session: Rates were under pressure in the first half (as were equities). Sources reported large scale seller in old bonds, curves steepening in "sloppy" early trade, was an indicator of incoming corp deals. Indeed, after lagging last couple wks, issuance est >$30B next wk. Ultra-bonds have "been trading well on the curve, thanks to the 20Y tightening and the Fed's buy focus on '44 to '47 paper in their buybacks," the desk added, with "good sized seller of '45's vs 30's the past two days to take advantage of the richness."
- Rates and equities both rebounded late on heavy buying in both: TYU volume over 1.12M after the bell on +250k market on close (MOC) buying, USU saw +56K. Yld curves see-sawed to mixed levels. Eminis were back near opening levels late (3256.0 +7.25).

- The 2-Yr yield is down 0.8bps at 0.1093%, 5-Yr is down 1.7bps at 0.2138%, 10-Yr is down 1.3bps at 0.5331%, and 30-Yr is down 1.1bps at 1.1962%.