T-Notes -0-03 at 131-03+, yields.......>

BOND SUMMARY: T-Notes -0-03 at 131-03+, yields unch. to -0.8bp across curve,

light underperformance in front end. U.S. equity futures have built on Tuesday's

recovery, NASDAQ 100 futures filling their gap. Slight moderation in the daily

new Chinese Coronavirus case count & continued recovery of infected patients

helping to soothe fears for the most part (negating the uptick in the daily

death toll, from a market perspective). There was some worry over the uptick in

virus cases in South Korea, which saw a limited bid in Tsys at one point.

- JGB futures spiked lower at the re-open, perhaps on Nikkei/RTRS source reports

pointing to no overall change in the domestic govt's econ assessment ahead of

the release of its report tomorrow (albeit with a hat tip to heightened risk).

The dip was quickly bought, as reports doesn't represent much in the way of new

news, given the recent raft of gov't communique i.e. too early to determine

impact of Coronavirus, watching closely etc. Contract -7, 21 ticks off lows,

long end underperforms in cash trade, ahead of tomorrow's 20-Year supply.

- Aussie curve held steeper, a touch away from recent lows, with the A$2.0bn

syndication of 2.75% 21 May 2041 a shade over 3.00x covered. YM +0.5, XM -1.0.