Covid-19 matters continue to...........>

BOND SUMMARY: Covid-19 matters continue to dominate broader picture themes.

T-Notes have slipped and last trade -0-03 at 139-02, although the downtick may

be somewhat limited by persistent weakness in e-minis & regional equity

benchmarks. Yields sit slightly higher across the curve in cash trade, with some

very mild steepening creeping in. Eurodollars last seen 0.5-1.5 tick lower

through the reds.

- JGB futures finished the morning session at 152.22, -9 ticks vs. settlement.

Yields are marginally mixed, belly underperforms. The focus turns to a liquidity

enhancement auction for off-the-run 5-15.5 Year JGBs. Local press pointed to the

potential for a second consecutive downgrade of the gov't's economic assessment.

- In Australia, YM +2.0 & XM +6.0. The latter came under a modicum of pressure

as the RBA offered to buy A$1.0bn (vs. prev. A$1.5bn) of ACGBs, with maturities

of Apr '25 - Apr '27. Curve runs flatter, yields sit 0.8-6.4bp lower. Bills last

seen unch. to +2 ticks through the reds. Little follow-through from Australia's

jobs report, which topped expectations but was deemed irrelevant due to the

sample timing, as the reference period was Mar 1-14.