It had been a fairly limited session...>

BOND SUMMARY: It had been a fairly limited session for core global bonds before

fresh risk-off flows were triggered on the back of a BBG report which noted that

"if the U.S. doesn't make any new moves that truly show sincerity, then it is

meaningless for its officials to come to China and have trade talks, according

to Taoran Notes, a WeChat blog run by state-owned Economic Daily. The article

was later carried by state-run Xinhua News Agency and the People's Daily, the

Communist Party's mouthpiece." T-Notes last 124.19, U.S. 10-Year cash Tsy yields

trade at 2.386%. Eurodollar futures trade 0.5-4.0 ticks higher through the reds.

- YM unchanged, XM -1.0 tick. YM/XM trades at 48.0 ticks, with the cash

equivalent at 45.4bp. Bills trade 3 ticks higher to 1 tick lower through the

reds, with the front-end outperforming. We learnt that the AOFM plans to tender

a new 21 June 2031 bond line on Wednesday 29 May 2019.

- JGB futures trade 6 ticks lower, with the long end underperforming. The BoJ

left the size of its 10-25+ Year Rinban operations unchanged. Offer to cover

ratios as follows: 10-25 Year 3.44x (prev. 3.76x) 25+ Year 5.74x (prev. 4.59x)

- German FI a touch higher: Schatz +1.0 tick, Bobls +6.0 ticks, Bunds +14 ticks.