Massive liquidity/stimulus measures....>

US TSY FLOWS: Massive liquidity/stimulus measures to stem negative impact on

COVID-19 on global economies did manage to spur buyers of equities Tuesday,

while Tsys came under heavy risk-off unwind selling. Yld curves bear steepened.

- Tsy Sec Mnuchin Proposes USD1 Trillion Stimulus; Fed annc reintroduction of

Commercial Paper Funding Facility. BoE: GBP330b of business loan guarantees, a

program worth 15% of GDP in one of strongest global responses to pandemic.

- June ultra-bond futures Block sale earlier: -2,500 WNM 216-00 sell through

218-01 post time bid. Crazy wide sell through? Well, the Ultra-bond had fallen

through the final 18-handle circuit breaker after the close (205-06)-- breakers

off -- fell to 204-14 low before drawing modest bid since, 206-06 last -17

handles.

- Absent since last week, Corporate debt issuers out in force, two jumbos

w/$8.5B Exxon Mobil 6-part and $6.5B Pepsi 5-parter spurred hedging across the

curve.

- The 2-Yr yield is up 13.3bps at 0.4925%, 5-Yr is up 25.3bps at 0.7434%, 10-Yr

is up 36bps at 1.0784%, and 30-Yr is up 40bps at 1.6844%.