No real catalysts in Asia-Pac trade, with...>

US TSYS: No real catalysts in Asia-Pac trade, with little reaction to the prev.

outlined round of MLF injections from the PBoC (see earlier bullets for details)

& mixed Chinese data. Fed's Kaplan added little new to the debate. T-Notes held

a narrow 0-03+ range, sitting a little shy of yesterday's peak, last -0-03 at

139-10+, with yields 0.1-0.7bp cheaper across the curve. The only flow of note

overnight saw sources point to a 2.0K block roll out of an existing long

position in the USM0 180.00/175.00 put spread, which was sold for 0-23 ticks,

and into a USN0 structure, which saw the USN0 178.00/174.00 put spread bought

against the USN0 186.00 call, with that leg of the package trading at 0-14.

- Eurodollar futures sit +0.5 to -1.5 through the reds, with slight

outperformance in the front end of the strip. A reminder that yesterday saw

focus fall on the latest note from Credit Suisse's Zoltan Pozsar, who suggested

that LIBOR/OIS will compress to 10-20bp by the end of June (due to US$ swap

lines and prime MMF inflows), which allowed the front end of the Eurodollar

strip to recover from lows during NY trade.

- Today's local data deluge is headlined by retail sales & flash UoM survey.