Core global FI futures failed to.......>

BOND SUMMARY: Core global FI futures failed to gain any real traction below

their respective Thursday lows, even with the S&P 500 e-mini futures setting a

fresh all time high during Asia-Pacific hours. Regional players may have been

happy to fade yesterday's Tsy sell off/take profit on the move. T-Notes last 

-0-02 after sticking to a tight range, with yields 1.0-1.4 bp lower across the

curve. The main interest in terms of flow came via upside plays via USQ9 157.50

& 158.00 calls. Eurodollar futures trade unch.-1.0 tick higher through the reds.

- JGB futures had a look below their overnight low, before backing away from

lows. This was aided by softer offer to cover ratios in the BoJ's latest Rinban

ops, which saw the size of 1-5 & 10-25+ Year JGB purchases left unch. Offer to

cover ratios were as follows: 1-3 Year 2.64x (prev. 3.79x), 3-5 Year 2.68x

(prev. 3.48x), 10-25 Year 1.84x (prev. 2.69x). 25+ Year 2.55x (prev. 3.81x).

- Little to pen for Aussie bonds, with the space looking through next week's

heavy AOFM issuance schedule (likely aided by the fact that there will be no

ACGB issuance in the week commencing July 22) YM last -5.5 ticks, XM -11.0

ticks. Bills trade 1-6 ticks lower than settlement at writing.