Worry surrounding matters on the.......>

BOND SUMMARY: Worry surrounding matters on the Korean peninsula, as well as the

COVID-19 situation in Beijing triggering a deeper state of alert/lockdown

measures for residential compounds in the city, supported core FI during

Asia-Pac hours, with an underlying sense of caution seen, even with broader

markets trading within ltd ranges. T-Notes +0-06 at 138-20, just off best

levels, with the cash curve bull flattening, yields 0.4-2.9bp richer across the

curve, with some outperformance for 20s, even ahead of today's 20-Year supply.

- JGB futs held a tight range, consolidating most of their overnight gains, last

+7. 2s outperform on the curve, with yields marginally richer across all of the

cash JGB space. BoJ Rinban ops saw no change in the purchase sizes for 1-3, 5-10

and 25+ Year JGBs, with the only moves of note within the breakdown being a

lower offer/cover and slight tighter spreads for 5-10 Year ops.

- Aussie bonds also saw some flattening, YM -0.5, XM +1.5, although the latter

saw a brief blip lower on the back of one of the weaker ACGB auctions in recent

times. The ACGB '32 offering saw the lowest bid/cover ratio since the RBA's YCC

got underway & only a marginal stop through pre-auction yields.