Although equity mkts traded on a.......>

BOND SUMMARY: Although equity mkts traded on a firmer footing, T-Notes defied

gravity after the NYT reported that the White House has asked state off'ls to

"delay releasing the precise number of unemployment claims," inviting suspicions

that the data may paint a particularly bleak picture. California Gov's order

that the state's residents must self-isolate kept T-Notes buoyant. The contract

trades +0-14 at 135-21. Eurodollars sit -5.0 to +1.0 tick through the reds.

Liquidity was thinned & cash Tsys were closed due to a mkt holiday in Japan.

- The focus in Australia was on the first round of the RBA's bond purchase

scheme. The space showed muted reaction as the central bank said it intends to

buy A$5bn of ACGBs, incl. the Jul 2022, Apr 2023, Nov 2027 & May 2028 notes, but

XMs knee-jerked higher as the RBA conducted the ops, meeting maximum offer. The

space has been otherwise supported by the lead from U.S. T-Notes. YM +0.5 & XM

+31.5. Yields trade 1.8-26.9bp lower, curve has flattened. Bills -2 to +7 ticks

thru reds. Locally, Australian banks unveiled measures to help their customers

through the coronavirus crisis, Treasurer Frydenberg said the gov't is readying

another stimulus package & PM Morrison delayed the May 12 budget until Oct 6.