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Westpac note that "March and April's increased net buy-side flow slowed significantly in May and by the end of the month the 20-Day rolling delta was running at the slowest pace since February. Looking at the composition of investors, sovereigns still remain the dominant buyer, but they also slowed purchases significantly in May, and the buyside flows continue to be offset by funded accounts. The main highlight was that March and April's derivative pay-side reversed into receive-side flows, but even then, flows significantly slowed towards the end of the month. Perhaps that is a reflection of the upcoming June futures roll. We also saw more selling of Semis, which is also reflected in the recent price action in that sector. Support for the >10-Year maturities slowed, and we saw some net sell-side flows in the 2- to 5-Year maturities, which contributed to the flattening we have seen on the curve."