Another tight 0-06+ range for..........>

BOND SUMMARY: Another tight 0-06+ range for T-Notes in Asia, with a light early

bid noted and little reaction to broader news flow/market moves during Asia

hours. Contract last +0-04 at 138-21+. Yields sit 0.2-1.1bp richer across the

curve, with longer dated paper unwinding its early, light underperformance, to

sit level with the belly in terms of intraday movement.

- JGB markets retuned from the elongated weekend, with futures edging lower

(last -29) in what proved to be a fairly limited Tokyo morning. Contract had a

peak through its morning lows in the early part of the afternoon, as the last

round of BoJ Rinban ops provided an uptick in the offer/cover ratios and wider

spreads for the 1-3 & 5-10 Year buckets. 7s underperformed on the curve all day,

suggesting futures were the driver of the belly's underperformance in cash.

Super long swap spreads were wider, out to 10-Years were generally tighter.

- Aussie bond futures saw some light steepening pressure, with a second

consecutive Thursday hiatus for ACGB bond purchases, in addition to some loose

talk re: the possibility of AOFM syndication that never really went past desk

chatter. YM +0.5, XM -2.5.