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FI Support Evaporates Amid Late Month End Selling


Remains Vulnerable


Late Risk Off Sees USDCAD Eye Cycle Highs


BLOCK, Late Puts

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BOND SUMMARY: Core FI was bid in early Asia-Pac trade after the reclassification
in the way that Hubei province assesses Coronavirus cases saw a surge in the
daily new case count, which was coupled with a jump in the daily death toll to
over 240 (national #s still not released). T-Notes +0-06 at 130-28, just shy of
highs, yields 2.3-3.1bp lower across curve, belly outperforms.
- Aussie bonds also jumped on the news, and were happy to look through the
latest round of commentary from RBA Governor Lowe. Lowe mostly reiterated what
we heard earlier this week, while noting that the RBA isn't in any rush to get
inflation back to target, and that low interest rates are working, although the
feedthrough will take some time. Elsewhere, semi-issuance matters were at the
fore. YM unch. XM +0.5, Bills unchanged to 1 tick lower through the reds.
- JGB futures were more reluctant to turn bid on the back of the latest round of
Coronavirus worry, when compared to core global FI counterparts. Contract last
-7, off early afternoon lows that came about on the back of the spread widening
and uptick in offer to cover ratios in the latest round of 1-10 Year BoJ Rinban
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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