A wild session to start the week,......>

BOND SUMMARY: A wild session to start the week, with the BoJ pledging to supply

ample liquidity, pretty horrific Chinese PMI data, an ever-deepening

international coronavirus situation and deterioration of matters in Syria

supporting core global FI in the main, although all of the major futures

contracts sit well shy of their respective intraday highs, as most of the major

equity indices open at this time staged a recovery on the back of the BoJ's

liquidity play. Prospects re: deeper global central bank easing seemingly became

more heightened by the minute in early Asia-Pac trade. T-Notes +0-19+ at

135-11+, with the curve bull steepening as Fed cut expectations ramp up.

- Aussie bond futures surged on deeper RBA easing bets, with several notable

houses outlining an outside chance of a 50bp cut from the RBA tomorrow. IBs

accordingly price ~27bp of easing. Local data provided little impetus for the

space, as it remained focused on the broader ebbs & flows evident in the session

- JGB futures have pulled back sharply in recent trade, last -20 on the day,

with little in the way of obvious catalyst, and despite the BoJ's liquidity

pledge/first Gensaki op since 2016. Belly has underperformed on the move.