Strong risk-off bid for safe havens....>

US TSY FLOWS: Strong risk-off bid for safe havens as small number of confirmed

cases of Coronavirus springing up all over the place: China, Thailand, Taiwan,

Japan, Singapore, South Korea, Vietnam, the US (includes Chicago) and France.

Steady grind higher for Tsy futures all day, 10YY fell to 1.668% 30YY 2.119%, as

equitys found trigger to pare record highs.

- Early chop: After brief pull-back from new highs, futures powered higher as

10YY broke Sep trendline. Heavy volume in futures on move w/TYH>1.8M, multiple

Huge Blocks including TYH/WNH steepener (anticipated after Tsy anncd 20Y bond

coming soon).

- Tsys trimming gains briefly around midday, sources report ongoing real$

selling 30s. In shorts to intermediates: ongoing two-way swap-tied flow amid

much better buying, payer unwinds. Spds tighter all day after steady/mixed open,

waves of two-way swap-tied flow in 2s and 5s leaned towards better receivers in

first half, prop and real$ receivers in 5s and 10s later in session. The 2-Yr

yield is down 2.9bps at 1.4844%, 5-Yr is down 4.8bps at 1.4989%, 10-Yr is down

5.4bps at 1.6787%, and 30-Yr is down 5.2bps at 2.1262%.