There was some underlying pressure.....>

BOND SUMMARY: There was some underlying pressure for T-Notes on the back of an

uptick in U.S. equity index futures. Whether this was related to a regional

reaction to yesterday's equity sell off, or a recirculation of a story noting

that Moderna has shipped the first batch of its coronavirus vaccine to U.S.

gov't researchers isn't clear. T-Notes -0-04+, well off lows, with an underlying

degree of caution re: Coronavirus still evident. Curve has bear flattened.

Standout flow was in the rolls and via a TU/FV futures block flattener.

- JGB futures have been on an afternoon tear, +60 ticks last, with the latest

move likely aided by the moderation in offer to cover ratios in today's 10-25+

Year Rinban operations that we highlighted earlier. Although swaps are still

leading the move in longer dated paper, with spread tightening highlighted again

the super-long end. Also worth flagging the most recent comments from Japanese

PM Abe, who has noted that the government is putting together a policy re:

coronavirus measures, and noted that the country will take stronger steps in to

fight the virus in regions that have witnessed cluster infections.

- Aussie bonds largely followed the Tsy impetus. YM & XM both -0.5 as we type.