Headline flow has been light so far,...>

BOND SUMMARY: Headline flow has been light so far, with some focus on the

central USD/CNY fixing from the PBoC as China returned from holidays. The fixing

was slightly stronger than expected, helping soothe the wider defensive feel,

although U.S. equity index futures continue to operate in the red. Japanese

markets remain shut for Golden Week holidays. T-Notes trade -0-03+ at 138-24.

Eurodollars sit +0.5 to -0.5 tick thru reds.

- In Australia, YM -1.5 & XM -2.5. Yields trade 1.5-2.0bp higher across the

curve. Bills are unch. to -2 ticks through the reds. The RBA offered to buy

A$600mn worth of semis, with maturities of Jan '21 to Dec '23. Elsewhere, an

auction of A$2.5bn of 1.5% 21 Jun 2031 ACGB was well received. Australia's Mar

retail sales topped exp. on a M/M basis, but the Q/Q print for Q1 was worse than

forecast.