Regional coronavirus worry was.........>

BOND SUMMARY: Regional coronavirus worry was evident in Asia-Pac hours (with a

focus on a growing South Korean case count & 2 deaths of elderly passengers from

Japan's Diamond Princess ferry), this outweighed the initial optimism that

surrounded the moderation in the Chinese daily new virus case count (which was

based on methodological changes). The PBoC's latest round of LPR fixings, which

delivered cuts that met exp., did little to support broader risk appetite.

T-Notes operate just shy of best levels, +0-04 at 131-06+, comfortably above the

early lows, yields 1.0-1.5bp lower across the curve.

- PM trade saw JGBs futs bid on the broader risk-aversion, and solid 20-Year

supply. Contract last -1, well off the AM lows, curve twist flattening.

- Aussie bond futs also saw some idiosyncratic support, drawing on the latest

domestic labour mkt report, in addition to the broader cautious feel. YM & XM

both +4.5. The unemployment rate rose to 5.3% vs. exp of 5.2% (partially owing

to a marginal uptick in participation), outweighing the favourable rotation out

of part-time employment into full-time, which comes on the back of 2 strong

months for part-time job gains. Underemployment and underutilisation also rose.