It has been a slow start to the........>

BOND SUMMARY: It has been a slow start to the Asia-Pac session, with markets

seen in a stand-by mode. It goes without saying that participants are on the

lookout for fresh trade war news, but so far to no avail. T-Notes last trade

-0-03 at 129-19. Cash yields sit a touch higher across the curve. Eurodollars

sit unch. to 1.0 tick lower through the reds.

- JGB futures tested 153.49 before easing off. They now sit at 153.44, 12 ticks

above settlement. Cash yield curve is lower and flatter. The BoJ left the size

of its 1-5 Year Rinban operations unchanged today. The space has shrugged off

comments from BoJ's Sakurai, who offered little new.

- In Australia, YM +0.5 and XM +2.5. Aussie yield curve has bull steepened a

little. Bills last trade -1 to +5 ticks through the reds. The AOFM auctioned

A$1.2bn worth of 1.50% 21 Jun 2031 ACGB today. The cover ratio was little softer

vs. prev., even when adjusted for the increased auction size, although there was

little to no follow-through for the broader space. Elsewhere, a smaller than

expected decline in Australian construction work done also left markets unfazed.