Trades firmer after the bell, off......>

US TSY FLOWS: Trades firmer after the bell, off early second-half highs but

gaining as equities look to test session lows (SPX -20.75, 2770.75). Rates had

pared gains after better than expected up-revision to Jan ADP (+300k vs. +213k;

Feb ADP more or less in line) with Tsys grinding higher past midday as risk-on

tone hit it's stride.

- Flow included Deal-tied hedging selling into strength as are swap-tied accts,

better buying in belly from prop accts, real$ and bank portfolios. Heavy

corporate and supra-sovereign issuance, $4.5B Dell Int distant second to $12B

Qatar 3-part issuance.

- Rather quiet midweek trade, steady bid ahead Friday's headline employment data

(+183k est). On tap for Thursday: February Challenger layoff plans; weekly

claims (225k est); Q4 non-farm productivity (f) (1.7%) and unit labor costs

(1.7%); January consumer credit ($16.8B).

- Tsy cash/ylds: 2Y 99-31.12 (2.512%), 5Y 99-14.25 (2.492%), 10Y 99-15 (2.684%),

30Y 98-23.5 (3.064%).