Core FI supported by an uninspiring....>

BOND SUMMARY: Core FI supported by an uninspiring coronavirus address from U.S.

President Trump, with a new coronavirus case declared in the U.S., which holds

an unknown origin adding to worry, while numbers in South Korea edged higher

again (although the daily death toll in China moderated). Pressure on U.S.

equity index futures also evident, on the back of the same matters. This allowed

T-Notes to trade through their recent highs, last +0-04+ at 133-15, 10-Year Tsy

yields registering a fresh session low as I type, curve bull steepens.

- JGBs are well bid, benefitting from the continued coronavirus induced

uncertainty at home, with dovish musings from BoJ reflationist Kataoka also

evident, but no surprise. Futures last +38, as they extend their recent run

higher. The belly has been the outperformer in cash trade, so the move may be

driven by futures, with super-long swap spreads tighter vs. JGBs on the day.

- Aussie bond futs looked through a disappointing round of headline Q4 capex

data, with the numerical estimates & plant & machinery metrics more encouraging,

as the focus moved to larger than avg month-end extensions & the broader

risk-off feel. YM +5.0, XM +7.0. 10-Year yields have tagged a fresh record low.