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A lacklustre Asia-Pac session for......>

BOND SUMMARY: A lacklustre Asia-Pac session for core global FI, as markets await
clarity re: the impending FOMC decision & the repercussions of the attack on
Saudi crude facilities, while $ funding matters continue to draw interest.
- T-Notes stuck to a tight range, last +0-02+ at 129-11+, with yields marginally
mixed. Eurodollar futures unch. to 0.5 tick lower through the reds.
- In Australia, YM +0.5, with XM -0.5, there was little reaction to the latest
round of ACGB supply, which was larger than the norm (but the only round of ACGB
issuance this wk). The auction saw the size adj. cover ratio soften vs. the
prev. offering of the line, while the tail widened. Bills sit 1 tick lower to 2
ticks higher through the reds.
- JGB futures turned bid in the early Tokyo afternoon & last trade +23 ticks on
the day. The latest round of 20-Year JGB supply wasn't the most convincing, with
the price & yield tails widening a touch vs. priors & the cover ratio softening,
although the low price was above dealer exp. (proxied by the BBG dealer poll).
The latter point has garnered the most market reaction, providing some support
for both JGB futures and the super-long end of the curve.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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