Core global FI saw some demand as......>

BOND SUMMARY: Core global FI saw some demand as U.S. off'ls & source reports

drew questions/worry re: what will come after the impending Sino-U.S. phase 1

trade deal, as well as a seemingly continued hard line stance from the Trump

administration vs. Huawei. T-Notes held a tight range, last +0-03 at 129-07+.

Block flow that we prev. highlighted provided the focal point of the session for

both Tsy options & Fed Funds futures, we will recap that later. Yields 0.5-0.7bp

lower across the curve. Eurodollar futs print unch. to +1.0 tick thru reds.

- Aussie Bond futures have edged higher in Sydney trade, YM +2.5, XM +5.5. Bills

unch. to +2 ticks thru reds. Aussie PM Morrison noted that the "bushfire outlook

continues to be more benign" and that the country will "spend as much as it

takes" to help fire victims, per BBG. Very strong cover ratio (6.5375x) was seen

at the latest auction of ACGB 2.75% 21 Apr 2024, which saw A$400mn offered.

- JGB futures have recovered from Tokyo lows on the back of a solid 5-Year JGB

auction, allowing the mild pre-auction concession, that was driven by the belly

of the cash curve, to unwind. Contract last +11 on the day. Elsewhere, BoJ

Governor Kuroda went over old ground in his latest address.