A more hawkish (vs. broader............>

BOND SUMMARY: A more hawkish (vs. broader expectation) RBNZ outlook and a touted

sell programme in JGB futures added pressure to the core global FI space during

Asia-Pac hours on Wednesday. Elsewhere, a downtick in the daily death toll from

the Coronavirus, coupled with a continued slowing of the growth rate of new

cases in China soothed worries (even as the virus continues to spread aboard the

quarantined Japanese ferry).

- T-Notes sit 0-07+ lower as a result, with yields 1.5-1.7bp higher across the

curve. Small screen selling of the USH0 160.50 puts has been seen. Eurodollar

futures print 0.5-3.0 ticks lower through the reds.

- Matters across the Tasman added some downward impetus to the Aussie bond

space, with little to note on the domestic front today, outside of issuance

matters. YM -3.5, XM -4.5. bills sit 1-3 ticks lower through the reds.

- JGBs were subjected to a sell programme in futures, with the contract last

-18. Curve sees the 5-20 Year zone underperform. The latest 10-Year JGBi auction

saw the low-price top dealer exp. with the cover ratio ticking higher and the %

allotted at the high yield moderating.