*** Trades heavy late, long end.....>

US TSYS SUMMARY: *** Trades heavy late, long end extending session lows by the

bell on heavy futures volume (TYH>1.8M), choppy day in lead-up to Fri's NFP/AHE

data release (185k est/0.2% est respectively). Large block sale (-15k TYH

121-07) sell through an -08 bid at time of post helped trigger move to new lows,

30Y yld topping 3.01% first time since May 2017.

- Tsys followed weaker EGBs early as Spanish, French supply weighed.

Limited/delayed react to  early data, futures inching off lows, long end still

underperformed. Modest two-way midmorning flow, fast$ buyers after Dec construct

spending +0.7%. Decent deal-tied hedging in works.

- New session lows after midday amid continued bank portfolio and real$ selling

10s and 30s, fast$ and prop selling intermediates. Dip buyers 30s and chatter of

flattener unwinds.

- Decent early Eurodollar volume in Whites through Greens with levels off

session lows. Decent spd action, over 40,000 Red Dec'19/Green Dec20 spds bought

at 0.105. Swap spds widened, spd curve flatter

- Late ylds: 2Y 2.159, 3Y 2.317%, 5Y 2.566%, 7Y 2.717%, 10Y 2.782%, 30Y 3.013%