A quiet one for Tsys, with the Lunar...>

BOND SUMMARY: A quiet one for Tsys, with the Lunar New Year sapping liquidity

from the Asia-Pac time zone. This left T-Notes in a 0-03+ tick range, last -0.01

at 129-24, with yields 0.6-1.5 bp higher across the curve, light bear steepening

in play. The wider spread of the Coronavirus and the fatality count continues to

draw attention. Elsewhere, there was little to go off. Flow-wise, decent enough

selling of the TYH0 130.50 calls was seen. Eurodollar futures sit unchanged to

1.0 tick lower through the reds, with light underperformance in EDH0, owing to

pretty heavy selling, especially given the liquidity backdrop.

- The Aussie Bond curve has continued to flatten, with Westpac the latest to

push back their calls for RBA rate cuts in the wake of yesterday's labour market

data. YM -0.5, XM +1.5. Bills unchanged to 1 tick lower through the reds.

- JGB futures have pulled back, from the overnight highs, but operate off of

their Tokyo trough, last -4 ticks, with yields mixed across the curve. The

latest 1-5 YEar JGB liquidity enhancement auction saw wider spreads vs. the

prev. auction, but a higher cover ratio.