Core FI was happy to meander along.....>

BOND SUMMARY: Core FI was happy to meander along during Asia-Pac hours. T-Notes

edged back from best levels after Tuesday's late NY rally, which came on the

back of a sceptical report re: Moderna's COVID-19 vaccine. With a partial

recovery in e-minis helping cap the Tsy space overnight. T-Notes last +0-04 at

138-31+, with yields 0.3-0.7bp cheaper across the curve.

- JGBs stuck to the upper end of their overnight range, with the long end

outperforming all day in the cash space. There was little in the way of notable

concession ahead of a well received 20-Year auction, with limited secondary

market liquidity perhaps outweighing some of the more obvious negatives that

surrounded the auction.

- Aussie bond futures held flatter, with XM extending on its overnight high on

the back of solid ACGB '32 supply and in the wake of awful preliminary domestic

retail sales figures. YM -0.5, XM +2.5 at typing. There was also some focus on

tomorrow's ACGB coupon payments, as well as foreign issuers stepping into the

Kangaroo space.