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BOND SUMMARY: Not much to pen for the space all in all, in what was a limited
Asia session. A lack of MLF roll-over from the PBoC probably provided the
highlight in the wake of the Bank's RRR cut on Friday, as it opted to inject
CNY120 via 7-Day reverse repos (a little less than the CNY176.5bn worth of
maturing 1-Year MLF). Elsewhere, China Labour Watch reported that Apple &
Foxconn violated Chinese labour rules at the world's largest iPhone factory.
- T-Notes sit around the middle of their tight range, last -0-03+ at 131-08+,
with the cash curve twist steepening as 10+-Year paper underperforms.
- Aussie bond futures have stuck to a tight range, with the latest 10-Year
basket bond auction & local data having little impact on the space. YM +1.0, XM
+5.5, with YM/XM at 22.0. Bills unch. to 2 ticks lower through the reds.
- Friday's late Tokyo action spilled into early JGB trade this week, with the
curve twist steepening (per TradeWeb). JGB futures +11 ticks at writing, just
back from best levels. The latest 1-5 Year JGB liquidity enhancement auction saw
spreads move deeper into negative territory, which may have supported the
corresponding area on the curve, although the cover ratio softened.