A very limited start for core global...>

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

of headline flow evident. The U.S. & UK holidays will limit liquidity on Monday.

- T-Notes last +0-01 on 124-30, drifting lower. Small downside plays noted via

FVN9 115.75 puts. Eurodollar futures trade unchanged to 0.5 tick higher through

the reds.

- Aussie bond futures have also edged lower, both YM last 3.0 ticks lower, with

XM 2.5 ticks worse off. YM/XM trades at 43.0 ticks, with the cash equivalent at

40.9bp. Bills trade 1-2 ticks lower through the reds.

- JGB futures trade 4 ticks below settlement at writing, with modest steepening

seen in the cash space. The BoJ left the size of its 1-5 & 10-25+ Year Rinabn

operations unchanged. 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.