A lacklustre pre-Christmas session.....>

BOND SUMMARY: A lacklustre pre-Christmas session in Asia, which saw T-Notes tick

higher, last +0-04 at 128-07, with yields last sitting 0.8-1.2bp richer across

the curve. Eurodollar futures print unchanged to 1.0 tick higher through the

reds.

- Some low liquidity chop was seen in Aussie Bond prices ahead of the early

close, but nothing to write home about, with both YM & XM failing to break their

respective SYCOM lows, as both finished 1.5 ticks lower on the day. Bills went

out 1 tick higher to 2 ticks lower through the reds.

- Early JGB curve twist flattening gave way to outperformance in the belly as

the long end pared early gains. Today's 2-Year JGB auction was solid, as the

tail narrowed, cover ratio moved higher and low price topped dealer exp. Futures

last 8 ticks above settlement, bouncing from a test of Monday's lows in early

Tokyo trade.