A sigh of relief re: a lack of.........>

BOND SUMMARY: A sigh of relief re: a lack of meaningful escalation across

familiar areas of risk weighed on the core global FI space during Monday's

Asia-Pac session. True, supply matters across Tsys, Aussie bonds and JGBs are in

focus, but it seemed to be more a function of the broader market backdrop that

drove prices, particularly the extension of the impressive rally in Chinese

equities. T-Notes -0-05+ at 138-29+ as a result, with the curve bear steepening,

as yields run 0.6-3.7bp cheaper across the curve at typing. On the flow-side a

10.0K block of the TYU0 140.50 call/137.50 put risk reversal (which looked to be

selling the calls to buy the puts) garnered some interest overnight.

- JGB futures were also subjected to the same sort of pressure, with the

contract -18 at typing, even as the BoJ upped the size of its 5-10 Year JGB

purchases, while the cover ratio witnessed at the ops eased. 7s have

underperformed on the curve all day. Little in the way of notable concession in

the long end ahead of tomorrow's 30-Year supply.

- Aussie bonds saw the broader impetus outweigh domestic worry re: COVID-19 and

headwinds for Sino-Aussie relations, with YM -0.5 and XM -3.0.