Rather muted mid-week trade on light...>

US TSY FLOWS: Rather muted mid-week trade on light volumes (TYM<850k) as Tsy

futures reversing Tuesday's move as they trade near late session lows after the

bell, Yld curves bear steepening.

- Not quite risk-on (though ESM0 trades near session highs +55.0), consider it

more risk-off unwinding w/Tsys only back to late Mon levels, while Jun West

Texas crude bounced 20% to appr $14.5/bbl (day after expired May serial futures

traded below -$40.0/bbl).

- Decent corp debt issuance on day >$7B favoring supra-sovereigns. Incidentally,

sov spds vs. German Bunds also narrowed, lending to mild risk re-distribution.

Additional liquidity measures: ECB teleconference headlines after the bell

included the ECB will "ACCEPT SOME JUNK-RATED DEBT AS COLLATERAL FOR BANK LOANS"

with "COLLATERAL ELIGIBLE ON APR 7 TO STAY VALID IF CUT TO JUNK" until Sep 2021.

- The 2-Yr yield is up 1.2bps at 0.2153%, 5-Yr is up 2.9bps at 0.3642%, 10-Yr is

up 4.7bps at 0.6159%, and 30-Yr is up 5.3bps at 1.2157%.