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Monday's Asia-Pac session has the......>

BOND SUMMARY: Monday's Asia-Pac session has the distinct feel of a U.S. holiday
session, on the back of a relatively limited weekend on the news front, with
focus falling on familiar, if a little elevated, geopolitical tensions. Market
looked through the lack of lower monthly LPR fixings out of China, with the PBoC
remaining willing to pump pre-Lunar New Year liquidity into the system via OMOs.
- Cash Tsys are closed until Tuesday's session owing to a U.S. holiday. T-Notes
+0-03+ at 129-05, Eurodollar futures unch. to 2.0 ticks higher through the reds.
- Aussie bond futures also happy to hold tight ranges ahead of greater domestic
event risk later this week, with some A$ issuance providing the only real points
of interest in early Sydney trade. YM +1.0, XM unch. Bills unchanged to 1 tick
higher through the reds, with some interest in IRM0M1 flatteners seen.
- JGB futs registered fresh Tokyo lows in early afternoon trade, last -5, on
wider spreads in today's BoJ Rinban ops, as well as steady to higher offer to
cover ratios. Super-long yields drifting higher, as the curve steepens at the
margin, with the BoJ's preference for a steeper curve & Wednesday's 5-15.5 Year
JGB liquidity enhancement auction possibly getting some attention.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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