Core FI markets lacked any real.............>

US TSYS: Core FI markets lacked any real conviction in the first Asia-Pac

session of the week, as the aforementioned risk matters (COVID-19 worry,

geopolitical tension & headwinds for the U.S. tech sector) failed to facilitate

a convincing push through Friday's session highs across the major contracts.

T-Notes last trade -0-01 at 139-06, with yields sitting a mere unch.-0.5bp

richer across the curve in cash trade. Downside focus caught the eye on the flow

side, with 10.0K of the TYU0 138.50/137.50 put spread being lifted on screen at

0-16, as well as some activity in the TYQ0 136.50 puts, as paper paid 0-03 on

3.5K. Volume for T-Notes hovering around ~110K.

- A reminder that COVID-19 worry, the aforementioned issues for Facebook & some

hangover from the Fed's stress tests provided a risk-off feel to Friday trade,

with a sprinkling of month-/quarter-end rebalancing flows (-ve for equities &

+ve for bonds) possibly in the mix. Volumes were typically a little light of avg

on Friday, contacts pointing to 'heavy' receiving from real money (structural

vol sellers), primarily in 10's & 30s, as the cash Tsy curve bull flattened.

- Focus on Fedspeak from Williams & Daly later on Monday.