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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%).

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