Headline and data flow has been........>

BOND SUMMARY: Headline and data flow has been light so far, while regional

liquidity has been limited by a Singaporean holiday. A pullback in e-minis

coincided with renewed risk aversion. T-Notes have held a 0-03 range and last

trade -0-03 at 139-13, after bouncing on the back of a round of broader risk-off

flows. Cash Tsy yields are marginally mixed as we type. Eurodollar futures last

seen unch. to -1.0 tick through the reds.

- JGB futures slid from the re-open, but have already ticked off lows and last

sit at 152.15, 5 ticks better off. Cash JGB yields are mixed, with the

super-long end marginally underperforming. The BoJ stayed its hand during

today's 1-3, 5-10 & 25+ Year Rinban ops. Local PPI beat expectations on a Y/Y

basis, but missed forecasts on a M/M basis.

- Australian YM sits +0.5 & XM +4.5, with yield curve flattening in cash trade,

as the space played catch up to overnight dynamics in U.S. Tsys. Bills last seen

-1 to +1 tick through the reds. The supply of ACGB 5.50% 21 Apr 2023 headlined

local docket and drew a bid/cover ratio of 5.08x. The AOFM's weekly issuance

schedule is due at the top of the hour.