** The main stories out of the region**
U.S. 10y treasury yields were 2bp lower at 4.3% in Asia hours as we head into the U.S. payroll numbers. In Asia emerging market govie/agency bonds, the bias is for wider spreads (1-2bp) as markets grapple how to manage tariff risks. In terms of newsflow, JD.com announced its Q4 results after market close yesterday, which were ahead of market consensus. Positive for spreads. We also continue to see support for Steel makers, notably Posco. We also note that some China real estate bonds outperforming, with Greentown 2/28s 13bp better on the day, as improving property sales may be further proof the sector is lifting off the bottom. No new issuance for today.
Best & Worst Performers (zsprd, bp)
Source: Bloomberg