Little to rock the boat so far, with...>

BOND SUMMARY: Little to rock the boat so far, with participants focusing on

China's Q4 GDP & Dec activity indicators to be released at the top of the hour.

T-Notes trade -0-00+ at 129-04+. The contract opened a touch lower but recovered

neutral levels. A degree of twist steepening has crept into the yield curve on

the back of the news re: 20-Year supply coming in H120. Bills last seen unch. to

+1 tick through the reds. Worth noting U.S. Pres Trump has formally proposed to

nominate Judy Shelton & Christopher Waller to the Fed Board of Governors.

- JGB futures have fluctuated and last trade at 151.94, +3 ticks vs. settlement.

Cash yields are mostly a touch lower across the curve, albeit marginally. Japan

will auction Y900bn worth of 20-Year JGBs later today.

- In Australia, YM +0.5 & XM unch. at typing. Yield curve has marginally twist

steepened. Bills sit -1 to +1 tick through the reds. The AOFM published their

weekly issuance scheduled, summarised in an earlier bullet. Muted reaction noted

to announcement that A$3.5bn of the new 1.25% 21 May 2032 bond will be auctioned

next week, with coupon size in line with exp.