T-Notes re-open roughly where we closed,....>

US TSYS: T-Notes re-open roughly where we closed, last -0-08 at 133-02+.

- Coronavirus headlines continue to dominate goings on, with an eye on fiscal

responses to the matter, whether that be regionally in Asia, or further afield.

- Risk aversion took over in the space on Wednesday, more than reversing the

early "risk-on feel," and allowed 10-Year paper to register another fresh

all-time low, briefly breaching 1.30% for the first time on record (on the back

of potential Coronavirus matters being monitored in Nassau County, NY and the

German Health Minister pointing to a potential epidemic in the country), before

the space recovered from extremes, with the curve bull steepening on the day as

T-Notes went out mid-range.

- 5-Year supply was much better received than Tuesday's 2-Year offering, with a

0.1bp tail, and fairly standard takedown metrics.

- Flow-wise fast- and real-money accounts were buying shorts to intermediates,

while leveraged and bank accounts were touted buyers of the long end.

- U.S. President Trump is set to make an address re: Coronavirus at the bottom

of the hour (23:30 London)