Modest bid in T-Notes at the re-open,.......>

US TSYS: Modest bid in T-Notes at the re-open, last +0-01 at 131-19+, perhaps as

reaction to the latest Coronavirus figures out of Hubei province (Chinese

national numbers awaited).

- Monday saw the shorter end of the curve lead the way lower, in a bear

flattening motion, although T-Notes managed to finish well off of m'fing ISM

induced lows.

- Space then bounced from lows on a BBG headline which noted that "China seeking

flexibility on phase 1 trade targets due to virus spd effect on economy." This

was subsequently played down by the U.S. TR.

- There was also some focus on a second person-to-person spread of Coronavirus

in the U.S.

- Flow wise, a block buyer of the 30,000 FVJ 121.00/121.50 call spreads was

seen.

- Participants now set their sights on Iowa caucus results.