News and data flow has lacked major....>

BOND SUMMARY: News and data flow has lacked major surprises thus far, which

leaves focus on familiar risk developments, such as Sino-U.S. tensions

(particularly surrounding Hong Kong matters) & global coronavirus situation.

U.S. equity index futures started on the back foot, but then recoiled and moved

into positive territory.

- T-Notes have slipped in sync with an uptick in U.S. equity index futures. The

contract last sits +0-00+ at 138-31. The yield curve has marginally flattened,

though 2-year yields sit 0.4bp lower. Eurodollars last trade -0.5 to +0.5 tick

through the reds.

- JGB futures have sank after the open, last trade -13 ticks at 152.21. Yields

are marginally mixed across the curve. Focus remains on supplementary budget

matters, covered in a series of earlier JAPAN bullets.

- In Australia, YM unch. & XM -2.0. Curve has twist steepened in cash trade.

Bills sit unch. to -1 tick through the reds. The AOFM auctioned A$2.0bn worth of

ACGB 2.50% 21 May 2030, while the RBA refrained from bond purchases today.

Australia's construction work done shrank less than expected in Q1.