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Little to flag for the U.S. Tsy space in Asia-Pac hours, with a very light bid creeping in as e-minis ticked lower. T-Notes last +0-00+ at 136-28, within a 0-03+ range, aided by a couple of lifts in TYH1 (as we have flagged). Light bull flattening has been seen in the cash space, with 30s sitting ~1.0bp richer on the day. There has been little in the way of notable headline flow, although the Australian state of Victoria has gone into a 5-day circuit breaker lockdown after < 20 COVID cases became apparent in the state, while there are questions re: the appropriateness of planning surrounding the next stage of the UK's COVID vaccine drive. Domestically, the latest U.S. daily new COVID case count rose back above 100K for the first time this week. None of these headlines are deemed to be gamechangers, but are incrementally negative.
- JGB futures oscillate around the closing levels posted at the end of the pre-holiday overnight session, last +17, with the 5-10 Year zone of the curve outperforming, firming by ~2.0bp, while the super-long end lagged. Economy Minister Nishimura stressed that it is necessary for the state of emergency to be maintained across 10 areas of Japan, as was flagged earlier. Elsewhere, Finance Minister Aso reiterated the broader policymaker view re: the Japanese economy.
- YM -0.5, XM -2.5 in Sydney, while cash ACGBs sit steeper and swaps narrow vs. ACGBs across most of the curve. The space continues to look through local COVID matters, with some SSA issuance pricing seen. The AOFM's weekly issuance schedule provided another atypical round of issuance, with a wider spread of maturities set to be offered over 3 auctions next week (see earlier bullet for details).