A limited start for core global........>

BOND SUMMARY: A limited start for core global bonds this week with a lack of

headline flow evident during the bulk of Asia-Pacific hours. The U.S. & UK

holidays will limit liquidity on Monday. T-Notes last +0-02 on 124-30+, drifting

lower overnight. Small downside plays noted via FVN9 115.75 & 116.00 puts.

Eurodollar futures trade unchanged to 1.0 tick lower through the reds.

- Aussie bond futures have also edged lower, YM last -3.5 ticks, with XM -2.5

ticks. YM/XM trades at 43.0 ticks, with the cash equivalent at 41.1bp. Bills

trade 2-3 ticks lower through the reds. RBA repo ops saw A$800mn worth of 8-day

ops dealt at an average of 1.626%, with A$670mn worth of 28-day ops dealt at an

average of 1.515%.

- JGB futures -2 ticks vs. settlement, with modest steepening seen in the cash

space. The BoJ left the size of its 1-5 & 10-25+ Year Rinabn ops unch. Offer to

cover ratios as follows: 1-3 Year 3.21x (prev. 3.86x), 3-5 Year 2.76x (prev.

2.51x), 10-25 Year 3.09x (prev. 3.44x), 25+ Year 4.45x (prev. 5.74x)

- German FI futures trade marginally mixed on very light volume, with little

fallout from the European elections evident.