Familiar Territory

T-Notes in a 0-01+ range in early Asia-Pac trade, last +0-02+ at 140-00+.

• Monday's early pressure garnered further steam on the back of stronger than expected Eurozone m'fing PMI data, which was followed up with a stronger than expected headline m'fing ISM print, although the intraday range held tight.
• IG issuance from the likes of Alphabet and Astrazeneca added further pressure to the space, with the former offering up $10bn via jumbo issuance.
• The uptick in equities also meant that any rallies were capped.
• Still the curve finished off steeps/outright yields of cheaps, after the latest Tsy estimate pointed to a $270bn uptick in the Q3 borrowing estimate, alongside a steady estimate for the end of September cash balance. The projections assume the passage of a $1tn round of fiscal stimulus in the current calendar year.