Regional cash dip buyers supported Tsys.....>

US TSYS: Regional cash dip buyers supported Tsys in Asia. Worth flagging that

Caixin services & composite PMI data was soft, a particular source of concern

given that the survey cut off was 22 Jan, before the worries re: Coronavirus

became elevated. A subsequent dip in Chinese equities during the Beijing PM

provided a fresh bid, with T-Notes hovering around best levels into European

hours, +0-04+ at 131-01, yields 1.4-1.8bp softer across curve. Trump's State of

the Union address produced no notable curve balls, while Buttigieg leads in the

Democratic Party's Iowa caucus, with 71% of precincts counted.

- Smaller blocks in 1x2 TYH0 132.00/132.50 call spd & 1x2 TYH0 130.75/130.25 put

spd seen, with screen buyers of TYJ0 127.00 puts & USH0 153.00 puts also noted.

- Eurodollar futures sit 1.0-2.0 ticks higher through the reds. Flow saw 20.0K

of the 2x3 EDH1 98.625/98.875 call spread sold on block, which looks like at

least a partial unwind of recent positions amassed in the time zone.

- Non-m'fing ISM, final services & composite PMIs & the quarterly Tsy refunding

announcement (incl. details of 20-Year issuance) headline today's local docket.

Fedspeak from Brainard due, but likely no MonPol, owing to the topic.