Price action in the developed FI.......>

BOND SUMMARY: Price action in the developed FI space continues to be subdued at

writing.

- T-Notes last trade unchanged at 123.25+, with U.S. cash Tsy yields sitting

0.5-1.1bp higher across the curve, while the 10-year yield holds at 2.474%.

Eurodollar contracts are unchanged to 0.5 tick lower through the reds.

- JGB futures finished the morning session at 152.96, 1 tick above settlement.

Cash yields are trading a touch higher across the curve, except the 3-year

yield, which sits 0.3bp lower. As a reminder, Japan will offer 15.5-39 Year JGBs

at a liquidity enhancement auction later today.

- Aussie bond trade 0.3bp higher to 0.9bp lower across the curve, with the

longer end outperforming. YM last seen 0.5 tick lower at 98.595, with XM 1.0

tick higher at 98.130, while YM/XM trades at 47.00, 1.5 tick lower. Bills are

trading 1-2 ticks lower through the reds. Worth noting Australian consumer

inflation exp. came in at +3.9% vs. the prior +4.1%. Elsewhere, Australian PM

Morrison has called the federal election for May 18, as expected.