Uncertainty re: the health of the......>

BOND SUMMARY: Uncertainty re: the health of the North Korean leader & the

uncertainties that such a turn would bring (with source reports touting high

risks to Kim's life on the back of an operation quickly played down by the South

Korean gov't), as well as a temporary U.S. immigration ban, left the session

with a risk-off feel. T-Notes +0-05 at 139-08+, yields 0.4-1.7bp richer across

the curve, modest flattening seen.

- Long end outperformance in JGBS, even with a luke-warm 20-Year auction seen,

as focus fell on the shorter dated nature of the MoF's plan to finance the

supplementary budget. This allowed futures to rally from overnight levels, but

the contract has edged back from highs in the wake of that auction, with the

cooling of the Kim rumours leaving futures -2 on the day.

- Aussie paper was bid from RBA YCC inspired lows (a focus on the '25-'26 zone

of the curve today), against the broader Kim-inspired worry and downbeat

domestic weekly labour market data, before easing back as the Kim rumours were

pushed back against. XM -0.5, XM -2.0 ahead of an address from RBA Governor Lowe

(April meeting minutes contained little fresh info).