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GILT AUCTION RESULTS

1.00% Jan-32

US TSY FUTURES

10yr Block trade

NATURAL GAS

Gazprom Gas Flows via Austria Yet to Resume

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US TSY FLOWS
US TSY FLOWS: Risk-off returned as markets continued to digest knock-on effects
of oil volatility after May WTI traded negative the prior session. Lead
quarterly Jun futures fell to 6.5 low after opening at 21.32 (13.38 -7.05 in
late trade) Tue.
- Tsys had traded off highs on back of Trump "ordering" funds to help oil and
gas companies (whether that bailout can/will happen is another question while
equities bounced off lows). Bonds retraced appr third of sell-off move after new
home sales data.
- Choppy trade amid improved (but still below avg) volumes. Tsys pared gains on
heels of latest 20-30Y NY Fed op purchase, Tsys extending session lows (but
remain well off overnight lows). New all-time 5YY low of 0.2991%.
- Bonds were on a downward trajectory from noon on but rebounded late as
headline: "U.S. COVID-19 CASES RISE 5.7%, BIGGEST JUMP SINCE APRIL 10".
Separately, no mkt react, but surprise 50bps rate cut from Mexico CB to 6.0%.
* The 2-Yr yield is down 0bps at 0.2014%, 5-Yr is down 0.8bps at 0.334%, 10-Yr
is down 3.8bps at 0.5675%, and 30-Yr is down 5.3bps at 1.1632%.

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