Participants assessed global policy....>

BOND SUMMARY: Participants assessed global policy response to the Covid-19

crisis, after y'day's teleconference of G7 leaders. New Zealand was the last one

to unveil a stimulus plan, namely a powerful NZ$12.1bn package, worth 4% of the

local GDP, although FinMin Robertson noted that recession is "almost certain."

Meanwhile, a surge in U.S. equity index futs saw benchmarks hit their respective

limit up lvls, exerting pressure on U.S. Tsys. After the initial slide, T-Notes

steadied around the present lvls & trade -0-15 at 137-16. Yields sit 1.3-5.2bp

higher, curve runs steeper. Eurodollars 1.5-3.25 ticks lower thru reds.

- JGB futs bounced post-lunch & last trade at 152.85, 3 ticks shy of settlement.

Cash yields sit lower across the curve. The BoJ conducted an out-of-schedule

round of JGB purchases across the belly, buying Y100bn worth of bonds from 1-3 &

5-10 Year baskets. Elsewhere, Toyoaki Nakamura was chosen to replace BoJ board

member Funo, when he serves out his term on Jun 30.

- In Oz, YM unch. & XM -11.5. Curve has bear steepened, with yields 1.2-15.2bp

higher as we type. Bills last seen -2 to +1 tick thru reds. Little reaction to

local data & minutes from RBA's Mar meeting, with all eyes on the pandemic.