T-Notes have crept higher as U.S.......>

BOND SUMMARY: T-Notes have crept higher as U.S. equity futures have softened.

The contract last trades +0-01+ at 135-30, with participants still focused on

global policy response to the coronavirus crisis. Per press reports, the White

House is discussing $1.2tn stimulus & Tsy Sec Mnuchin told lawmakers that a

failure to enact the proposed package could push unemployment to 20%. Elsewhere,

the Fed said it is re-establishing its Primary Dealer Credit Facility Tuesday.

U.S. Tsy yields trade 4.4-9.0bp lower in cash trade, curve runs flatter at

typing. Eurodollars last seen -3.5 to +3.0 ticks through the reds.

- JGB futs opened firmer, but have pared gains since with the Nikkei 225 ticking

higher; last at 152.17, 39 ticks shy of settlement. Cash yields mixed. The BoJ

left sizes of 1-10 Yr JGB purchases unch. vs. prior regular ops. Wider than exp.

Japanese trade bal, driven by slower than est. fall in exports, was ignored.

- In Oz, YM +1.5 & XM -12.5. Curve has twist steepened, with yields sitting -2.1

to +12.7bp. Bills last seen -1 to +3 ticks through the reds. PM Morrison

declared a human biosecurity emergency & said that more fiscal measures are

coming. The AOFM auctioned A$500mn of ACGB 1.25% 21 May 2032.