A stronger than expected PBoC fix......>

BOND SUMMARY: A stronger than expected PBoC fix has revived risk appetite

somewhat, allowing U.S. equity index futures move back into positive territory

and putting some strain on core FI paper. That being said, developed FI

instruments remain range-bound.

- T-Notes last trade +0-01 at 129-23, away from an earlier post-PBoC fix low of

129-21. Eurodollars last seen 1.0 tick lower to 0.5 tick higher through the

reds. Cash Tsys don't trade in Asia today, due to a public holiday in Japan.

- Australian YM trades unchanged, XM sits 1.5 tick lower. Aussie yield curve has

twist steepened a touch, with yields sitting -0.2bp to +1.2bp. Bills last trade

+1 to -1 tick through the reds. As a reminder, A$400mn of 3.25% 21 Jun 2039

ACGBs was offered at an auction earlier today.