Little new to write home, but..........>

BOND SUMMARY: Little new to write home, but familiar risks remain in play.

Traders assess the state of play in U.S.-China trade relations and UK-EU Brexit

negotiations. Elsewhere, the U.S. announced sanctions against Turkey over

Ankara's military offensive in Syria. T-Notes last trade +0-02+ at 130-09+. Cash

Tsy yields sit 1.4-3.0bp lower across the curve, with a degree of flattening

creeping in. Eurodollars last trade 0.5-2.0 ticks higher through the reds.

- Japan is back from holidays, with participants assessing the latest risk

developments. JGB futures trade at 154.59, 2 ticks below settlement. Cash JGBs

oscillate around neutral levels. BoJ Gov Kuroda spoke earlier in the session,

but didn't mention anything new, maintaining optionality ahead of this month's

MonPol meeting. The BoJ is set to conduct its 1-10 Year Rinban ops later today.

- Aussie bond futures range-bound; YM +0.5, XM +2.0. Cash yield curve has bull

flattened. Bills last trade unch. to 1 tick better off through the reds. The

AOFM auctioned A$100mn worth of 1.25% 21 Feb 2022 I/L ACGB today. There were no

surprises in the minutes from the RBA's most recent MonPol meeting and hence

market reaction has been limited.