Still struggling to pen a real.........>

BOND SUMMARY: Still struggling to pen a real reason for the bear steepening seen

in the Tsy space in recent trade. U.S. equity index futures have moved higher in

Asia, although that wasn't one-way traffic, as coronavirus headlines dominate.

The fact that new virus deaths in China were confined to Hubei Province was an

incremental positive, even as new cases outside of China move higher. The

telegraphed fiscal stimulus out of Hong Kong was another incremental positive,

as was the recovery from lows in Chinese equities. Talk points to decent selling

in cash Tsys in Asia, with marginally wider swap spreads seen, despite heavy

flows touted there. We also flagged some downside block structures in USJ0 puts.

T-Notes -0-11+ at 132-24+, yields unchanged to 2.6bp higher across the curve.

- JGB futs have held a tight range, edging back from the overnight highs, -9 at

writing, marginal outperformance seen in the long end, perhaps aided by tighter

spreads in the latest 15.5-39 Year liquidity enhancement auction.

- Aussie bonds have traded at the whim of broader risk sentiment, YM +0.5, XM

-1.0, well shy of the SYCOM highs, with no reaction to a pretty hideous round of

completed construction work data, which got the Q4 GDP partials underway.