Similar to prior session close,........>

US TSY FLOWS: Similar to prior session close, rates recede late after making

strong headway off lower lvls late w/ 10YY making new all-time low of 1.2988%

before rebounding to 1.345% late. Heavy futures volume tied to Mar/Jun rolling

should start tapering off ahead Fri's first notice Jun takes lead.

- Headline driven session (again?1?) Rates weaker early: fresh round of selling

on back of headlines that Germany plans to temporarily "suspend debt brake...to

give relief to local governments". General risk-off unwinding weighing prior as

equities attempt bounce after two day rout. Pres Trump conf at 1830ET tonight

- Rates rebound by late morning as statement from German health minister that

Germany is "at the beginning of Corona" virus "epidemic" spurred selling in

eq's, unwinds of risk-on flow from first half, fast- and real$ buying shorts to

intermediates, leveraged$ and bank buying long end. Curves paring back early

steepening, 3M10Y extends inversion. Late virus cases under review in NY

provided another boost before denial from Cuomo.

- US TSYS/5Y: Right on the screws, US Tsy $41B 5Y Note (912828ZC7) awarded

1.150% (1.448% last month) vs. 1.150% WI; 2.33 bid/cover vs. 2.46 prior.