A very muted end to the Asian week.....>

BOND SUMMARY: A very muted end to the Asian week for core FI, with T-Notes

sticking to a tight range, last -0-01+ at 131-22+, yields marginally higher

across the curve. Fed Vice-Chair Clarida stuck to the Fed's central message and

wouldn't be drawn on matters such as the standard repo facility. Flow wise, the

standout was a 25.0K block buyer of the FVX9 119.25 puts, with a further ~15.0K

trading on screen. Eurodollar futures sit 1.0-1.5 ticks lower through the reds.

- Au Bonds stuck to a tight range, with AU retail sales data & RBA communique

offering little to go off. YM +2.0, XM +2.5. The talking point was in the Bill

strip with volume surging on what may have been erroneous algo trades,

potentially centring on the IRH0M0U0 fly. Bills last deal unchanged to 1 tick

higher on the day through the reds.

- JGB futures ground higher early in Tokyo, with the BoJ leaving the size of its

5-10 Year Rinban ops unch.; the offer/cover ratio edged higher vs. the prev. ops

in the bucket, while the spread moved into -ve territory. The Nikkei 225 has

unwound its early losses, which has seen JGB futures move back from highs in the

afternoon, last +15, with the curve twist steepening & the belly outperforming.