Little to talk about on the back of....>

BOND SUMMARY: Little to talk about on the back of one of the quietest regional

Asia-Pac sessions in news flow terms for some time. Bonds held lower on the back

of Thursday's trade war related stories, but questions surrounding the knock-on

effects of U.S. legislation re: Hong Kong, coupled with a continued feeling of

unease, limited the downtick in Tsys, even with the majority of the regional

equity benchmarks & U.S. equity index futures edging higher. Nothing of real

note for Tsys outside of one small pocket of selling in TYZ9, roll activity &

the usual warnings from China after U.S. Navy warships sailed near

Chinese-claimed islands in the South China Sea in recent days. T-Notes -0-01+ at

129-14, yields virtually unchanged across the curve.

- Little to pen for the Aussie Bond space, with a fairly typical AOFM issuance

schedule outlined for next week, although there will not be any buyback ops next

week. YM -1.5, XM -3.5, with both contracts failing to breach their SYCOM lows.

- JGB futures had a brief look below their weekly low in the wake of a softer

than prior liquidity e'ment auction for 5-15.5 Year JGBs. Futures last -26.

Early long end outperformance gave way, with bear steepening coming through.