Core FI largely looked through the.....>

BOND SUMMARY: Core FI largely looked through the mixed bag of Chinese economic

data, which was headlined by the first GDP fall on record, with a broader focus

on some (perhaps misplaced/circumspect) hopes surrounding COVID-19 medical

developments (see earlier bullets for details) that hit in late NY trade.

- T-Notes edged away from worst levels, but trade through yesterday's lows, last

-0-17+ at 138-22, with yields 2.1-3.9bp cheaper across the curve, after the long

end unwound earlier underperformance. Swaps generally a touch tighter across the

curve. T-Notes see ~140K lots change hands as of typing, a much more active

session vs. what we have seen since Easter.

- Aussie bond futures steepened a touch at the Sydney re-open, but held a tight

range for most of the session, looking through the AOFM issuance schedule and

latest taper of RBA ACGB bond purchases. YM -1.5, XM -2.0.

- JGB futures edged lower, then held a tight range, with 1-5 Year Rinban

operations seeing mixed developments re: offer/cover ratios & wider spreads

noted vs. previous ops. Futures last -10, 30s & 40s underperform in cash trade,

with swaps wider across the curve.