Tension surrounding the WHO and........>

BOND SUMMARY: Tension surrounding the WHO and source reports pointing to a shake

up for NASDAQ listing requirements (which could hamper the ability of Chinese

firms to raise capital) added to the early regional buy the dip mentality in

Asia, with T-Notes last +0-08 at 138-27 and yields 0.6-2.1bp richer across the

curve at writing, with 10s outperforming. Europe's take on the potential fiscal

advances within the region (which still needs to pass through some of the more

frugal nations N.B. Austria has already pushed back on the Franco-German

proposal) and broader market dynamics/news flow over the last 12 or so hours

will set the tone in early London trade,.

- JGB futures softened, with a focus on follow through from NY hours and local

fiscal matters, with the contract last 21 ticks softer on the day as the belly

underperforms in cash.

- Aussie bond futures recovered from worst levels/curve steeps after XM made a

brief showing below its SYCOM lows in early SFE trade, with the uptick in Tsys

the driving factor, although pricing of the WATC '31 bond and a slowing of job

losses per the latest ABS data limited the bounce from lows. YM -1.0, XM -6.0.