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The Asia-Pac session lacked meaningful inputs, which allowed the core global bond markets to operate in narrow ranges on light volume
- T-Notes stuck to a 0-03 range, last -0-03 at 131-23+, with cash Tsys running little changed to 1.0bp richer across the curve. A quick look at the latest round of Japanese BoP data revealed that Japanese investors shed a net Y563.4bn of U.S. Tsys in the month of February, representing the first round of monthly net sales witnessed since August.
- JGB futures dealt either side of unchanged. The contract firmed a little in the wake of the latest 5-Year JGB auction, last +3, with twist steepening of the cash curve evident in the wake of the supply. In terms of auction specifics, the low price witnessed at the latest 5-Year auction topped broader dealer expectations, with the cover ratio firming as the lower degree of uncertainty post-BoJ review and allure of fresh paper outweighed any outright/relative value questions. Elsewhere, the tail width narrowed.
- YM +0.5, XM +1.0 in Sydney. One point of note is that Japanese investors shed a record net Y643bn of Australian government bonds in the month of February, per Japan's latest round of BoP data, representing the first monthly round of net selling witnessed since Feb '20 (this comes after a record annual net purchase amount in calendar 2020).