Core global FI held to tight ranges....>

BOND SUMMARY: Core global FI held to tight ranges in a holiday thinned session,

with the U.S., the UK and Singapore closed for business on Monday, thinning

liquidity.

- T-Notes were restricted to limited volumes as a result, with cash Tsys closed

until Tuesday's Asia Pac session. The space had little outright reaction to

weekend news flow, which was seemingly negative on net (largely Hong

Kong-centric, with continued focus on Sino-U.S. tensions). Contract last +0-00+

at 139-05+. Eurodollar futures trade unchanged to -0.5 through the reds.

- JGB futures drifted lower, last -11, with the super-long end underperforming

in cash trade ahead of tomorrow's 40-Year supply. The latest round of BoJ Rinban

ops, covering 1-10 Year paper, saw an uptick in offer/cover ratios, although

they still hold at average to low levels for those tenors.

- Aussie bond futures were limited on Monday, with YM -0.5 and XM +0.5. The

latest ACGB '22 auction was well received, with broader focus on the fallout

from Friday's Treasury announcement re: the JobKeeper scheme, which triggered

various ACGB flattener recommendations from the sell side.