The early risk averse feel to..........>

BOND SUMMARY: The early risk averse feel to Asia-Pac trade built in the wake of

the delivery of the annual work report out of China, which revealed that China

will not have a GDP growth target for 2020, while the country re-affirmed its

anti-Taiwan independence mantra and put legislation into motion re: tighter

security surrounding Hong Kong, as it gave itself greater oversight within the

city state.

- Contacts also pointed to the shedding of risk exposure/hedging demand ahead of

the elongated U.S. weekend

- The resulting price action has pushed T-Notes higher, last +0-05 on the day at

139-07, 0-02 off highs, with the cash space experiencing some bull flattening,

as 20s outperformed.

- JGB futures haven't been willing to really latch on to move, holding a tight

range, last +5, with the 5-10 Year zone underperforming in cash trade.

- Aussie bond futures twist flattened, aided by the broader risk-off theme and

aforementioned local issuance dynamic that we flagged earlier. YM -1.0, XM +2.5.