Headline flow has been relatively......>

BOND SUMMARY: Headline flow has been relatively light so far, with focus on the

activity of Japanese participants who are back from holidays & Chinese trade

balance data (we are still awaiting the release).

- T-Notes trade +0-05 at 138-22+. Curve runs flatter, yields sit 0.2-1.6bp

lower. Eurodollars are unch. to +1.0 tick through the reds.

- JGB futures reopened after Golden Week holidays, eased off and last trade at

152.34, -27 ticks as we type. Yields are mixed with belly underperforming. Japan

will auction 6-Month Bills later today. The BoJ left purchase sizes unchanged at

today's round of 1-3 & 5-10 Year Rinban ops.

- Australian YM is unch. & XM sits -1.0. Yields sit a little bit higher, with

belly outperforming. Bills sit up to +1 tick through the reds. Australia's trade

balance topped expectations, driven by a jump in exports. The RBA skipped ACGB

purchases for a second consecutive thursday.