Core FI was bid in early Asia-Pac......>

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

ops.