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It was a generally headline light......>

BOND SUMMARY: It was a generally headline light session, with deflationary worry
re: factory gate prices out of China helping to put a base on global core FI,
after an extension in gold's leg back from highs likely added some weight in
early Asia trade.
- T-Notes last -0-06 at 130-21+, with yields little changed across the curve.
Flow wise, the highlight was 2x 10.0K block trades in the FVV9 119.50 puts.
Eurodollar futures trade unchanged to 3.0 ticks lower through the reds.
- Aussie bond futures have stuck to tight ranges, with YM -3.0 and XM -5.5 at
writing, leaving YM/XM a little steeper vs. settlement at 24.5. Bills trade 1-4
ticks lower through the reds.
- JGB futures broke lower in what looked to be a technically driven move. The
contract last trades 32 ticks worse off vs. settlement, well off lows. Bear
steepening was in play in cash trade, with large swap flows evident during the
aforementioned move lower in futures.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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