The aforementioned cocktail of.........>

BOND SUMMARY: The aforementioned cocktail of heightened trade tensions between

Australia and China, as well as the continued Sino-U.S. hostilities roiled risk

appetite in Asia-Pac hours, supporting core global FI, with further worry coming

via signs that the COVID-19 pandemic is spreading in areas away from the major

cities on either of the major U.S. coastlines and continued unease re: the virus

in Asia.

- T-Notes were comfortably bid as a result, last +0-07 at 138-27, a touch off

highs, as the curve bull flattens (yields sit 0.8-1.9bp richer across the curve

at typing).

- JGB futures drew fresh support from a solid 10-Year auction (some reasoning

outlined in our auction preview). Contract last +10. 30s outperformed in cash

trade, while the 5-10 Year zone of the swap curve struggled.

- Aussie bond futures unwound early steepening, despite impending IG & sovereign

supply, with talk of a monstrous bookbuild for tomorrow's ACGB Dec '30

syndication & the aforementioned trade worries driving price action. YM -0.5, XM

+0.5.