Core FI have come under some...........>

BOND SUMMARY: Core FI have come under some pressure as risk-off mood has unwound

somewhat, with Chinese equity benchmarks staging aggressive rebounds into

positive territory. The equity bounce has come on the back of continued

liquidity injections from the PBoC, countering CNY weakness via the daily

USD/CNY mid-point fix (see chart in the 01:29 GMT bullet) & potential activity

of the "national team." News-wise, the Iowa caucus kicked off & per CNBC it's

too early to call.

- T-Notes last trade -0-05+ at 131-13. Yield curve runs a bit flatter, sits

slightly higher. Eurodollars last seen 1.0-2.0 ticks lower through the reds.

- JGB futures finished the morning session at 152.83, 10 ticks shy of

settlement. The paper lost ground in tandem with T-Notes pre-lunch. Yields are

mixed, with the belly of the curve marginally underperforming. 10-Year JGB

supply headlines the local docket today.

- Aussie bond futs have resisted pressure; YM +2.0 & XM +3.5 at typing. Yields

trade 1.6-3.6bp lower across the flatter curve. Bills are 1-2 ticks higher

through the reds. All eyes today are on the MonPol decision from the RBA.