A bit of a limited session for the.....>

BOND SUMMARY: A bit of a limited session for the core global FI markets as

participants assess a heavy weekend of news flow (main matters outlined

elsewhere). T-Notes held a very tight range, last +0-05 at 139-01+, with yields

unchanged to 0.8bp richer across the cash curve. A very slow re-opening of the

economy is set to get underway on Monday, with congress seemingly moving towards

an agreement re: business loan funding, although tensions between President

Trump & state governors, as well as a resumption in Sino-U.S. sabre rattling has

been evident over the last few days.

- The long end of the Australian bond curve shrugged off the RBA's latest

tapering of ACGB purchases, as it chose to focus on its 2029 holdings today (the

two longest bond maturities that it holds). The first of this week's coupon

bearing ACGB auctions was smoothly digested (albeit effectively backstopped by

the RBA's YCC). Curve a touch flatter on the day, YM unchanged XM +2.5.

- JGB futures have softened marginally, although recovered from worst levels,

with the long end of the curve outperforming despite the prospect of even

greater JGB issuance to fund the extra budget. Futures -13 last.