The risk-negative themes outlined......>

BOND SUMMARY: The risk-negative themes outlined elsewhere (dominated by

Sino-U.S. sabre rattling and the seemingly impending release of a U.S. report on

the Chinese origins of COVID-19) allowed T-Notes to extend on their late Friday

uptick from NY lows, with the contract last +0-08 at 139-04, with cash markets

closed until London/EU hours owing to the Japanese holiday period (this will be

true Monday through Wednesday). Ongoing holidays for mainland China also sapped

liquidity, resulting in low volume for the contract, although USD/CNH's failure

to consolidate above CNH7.1500 and the subsequent uptick in e-minis allowed

T-Notes to edge back from best levels. Eurodollar futures sit 0.5 to 1.5 ticks

higher through the reds.

- In Australia, participants looked through the latest batch of hard data and

surveys, with XM initially supported by the dynamics in U.S. Tsy futures, and

later by the RBA's choice to purchase ACGBs maturing Apr '27 - Nov '28 (after

Thursday's hiatus), leaving the curve a touch flatter on the day. There was also

a strong auction for A$1.5bn worth of ACGB 3.25% 21 Apr 2025. YM unchanged, XM

+3.0. Bills print -1 to +1 through the reds.