Quite a tame Asia-Pac session for......>

BOND SUMMARY: Quite a tame Asia-Pac session for Tsys, with no notable news flow,

outside of a potential deepening of the COVID-19 situation in China's Harbin.

T-Notes have held a tight range as a result, with the contract last dealing

+0-04 at 139-16+, just shy of best levels as Brent crude futures crater to the

lowest levels seen since '99. Yields 0.8-3.3bp richer across the curve, which

has bull flattened.

- JGB futures have marched higher, although there has been little in the way of

fundamental news in Japan, outside of continued speculation re: a gloomier

economic assessment from the BoJ, which has been widely touted elsewhere. Rally

continued in the Tokyo afternoon, with the latest round of BoJ Rinban ops

providing little in the way of impediments for bulls. Futures +31, 30s

outperform in cash, swaps wider excl. 20s-30s.

- Aussie bond futures recovered from Sydney lows on the back of a well-received

ACGB auction, which covered an XMM0 basket bond (there was some cheapening ahead

of supply). Participants looked through a very strong domestic flash retail

sales release, which was subjected to COVID-19 frontloading. YM unch. XM +2.0