The fact that Friday's "mini...........>

BOND SUMMARY: The fact that Friday's "mini Sino-U.S. trade deal" doesn't provide

any real movement re: the medium term issues underlying the trade war, coupled

with the idea that it does it remove any of the wider sources of uncertainty

surrounding the matter, have combined to support Tsys in early trade this week,

even with cash markets closed and liquidity thinned on the back of Japanese &

U.S. holidays. The breakdown of China's trade data was also quite grim, despite

the wider than expected headline surplus. T-Notes +0-08 at 130-04. Eurodollar

futures +1.0-3.5 ticks through the reds. There was not any flow of note to

highlight.

- The aforementioned dynamics also helped Aussie bond futures away from their

early lows, with YM -3.0 and XM -3.5. YM/XM deals at 36.0 and the cash

equivalent sits at 33.3bp. The cover ratio edged higher in the latest tap of

ACGB 2.75% 21 May 2041, while ACT (AusCap) mandated banks re: issuance of a new

A$ 12-Year Oct '31 benchmark bond. Bills trade 1-4 ticks lower through the reds.

- JGBs were closed owing to a national holiday in Japan.