JGB futures finished the morning around........>

JGBS: JGB futures finished the morning around session lows, with yields

unchanged to a little higher across the curve as 30-Year paper led the way in

yield terms, adding 1.4bp ahead of supply in the tenor this afternoon.

- The Nikkei 225 finished the morning session ~0.3% higher, after opening below

settlement levels, which may have added some modest pressure to the space.

- 30-Year yields sit ~4.0bp off of their YtD low (last 0.530%), which coincided

with the lowest level observed since '16. Worries over the global econ & the

recent dovish pivots from a swathe of central banks supported major global bonds

in March, although strong data out of China & optimism re: U.S.-China trade

matters has allowed some retracement over the past few sessions. 30-Year JGBs

are seeing slight underperformance on the curve today. The aforementioned bout

of risk-off flows pressured the 5-/30-Year & 20-/30-Year yield spreads to the

lowest levels seen since '16 & '17 respectively, with both metrics sitting just

above their recent lows at writing. 30-Year JGBs trade around their recent

averages in Z-spread & ASW terms. The 20-/30-Year ASW spread trades around the

middle of its recent range.