A muted Asia session for FI, as........>

BOND SUMMARY: A muted Asia session for FI, as participants await the latest U.S.

NFP print after an exhausting week on the geopolitical front. T-Notes -0-03 at

128-25+, in a 0-05 tick range. Yields 0.6-1.2bp higher across the curve. Screen

selling of the TYH0 130.00 calls was seen, with block flow also observed; it

looked like a buyer of the TYH0 127.50 puts vs. larger selling in the TYG0

127.50 & 127.00 puts. Eurodollar futures 0.5-1.5 ticks lower through the reds.

- Light pressure on JGB futs in early afternoon trade saw a print below the

bottom of the morning range, before rebounding, last +2. Pressure came from the

offer/cover ratios in the latest round of BoJ 1-10 Year Rinban ops edging

higher, op spreads widening. Curve twist steepened, long end underperforming.

- Aussie bonds took a ltd hit on much stronger than exp. retail sales data. A

reminder that Nov. includes Black Friday & may have sapped activity from Dec.

Focus continues to fall on the effect of the bushfires. YM & XM -1.5, off lows.

Bills 2-3 ticks lower thru reds. No notable reaction to the AOFM noting that it

plans "to launch the 21 May 2032 bond line via tender in the week beginning 20

January 2020. Further details will be provided on Friday, 17 January 2020."