Core FI traded defensively against.....>

BOND SUMMARY: Core FI traded defensively against the broader risk-on feel with

the Tsy curve's run of bear steepening extending in Asia-Pac hours as the

5-/30-Year yield curve registered marginal fresh YtD steeps (also tagging the

steepest level seen since '17), as 30s extended their move outside of their

recent range, although the space has moved back from extremes. Yields sit

0.5-2.4bp cheaper across the curve. T-Notes -0-05+ at 138-22 after some pointed

to CTA long exit points being triggered.

- Little to note in domestic matters for Australia, with ACGB, semi & offshore

supply all figuring on a day that saw the broader impetus from the risk-on

backdrop driving matters. Local Q1 GDP data made an Australian technical

recession virtually assured. YM -0.5, XM -6.5.

- JGB futures sit 11 ticks lower on the day, just off worst levels, with the BoJ

delivering the foreseen trimming of 3-5 Year purchases in the latest round of

Rinban ops (see earlier bullets for details). 7s underperformed on the curve,

with evidence of some paying flow from abroad in the longer end of the swap

curve.