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Core FI markets sit little changed to a touch firmer in Asia-Pac hours, with the recent supply burden in U.S. Tsys & ACGBs now in the rear-view mirror.

• A couple of pockets of TYM1 screen buying helped support the broader U.S. Tsy space in early Asia dealing, although T-Notes have moved away from best levels to last print +0-00+ on the day, sitting at 132-03 (operating in a 0-04 range), while cash Tsys sit within ~0.5bp of settlement levels, running marginally cheaper across the curve.
• JGB futures consolidated overnight gains, last +17. The cash JGB curve initially drew support from the overnight move in futures/U.S. Tsys, with the super-long end richening further in the afternoon, longer dated yields print 2.0-2.5bp lower on the day at typing. There has been little in the way of notable headline flow to flag during Tokyo hours. The latest round of BoJ Rinban operations covering 1- to 10-Year JGBs saw some light upticks in the offer/cover ratios.
• Aussie bonds futures held onto their overnight gains and traded a touch firmer in Sydney hours, YM last +1.0, XM +6.5. The space has looked through the strongest headline Westpac consumer confidence reading in over a decade, while there was no knock-on from the latest RBNZ monetary policy decision across the Tasman.