Not much to write home in terms of.....>

BOND SUMMARY: Not much to write home in terms of meaningful, fresh developments

in broader picture themes. A Telegraph story outlining PM Johnson's plans to

legislate for a guaranteed 2020 exit from the EU, with or without a trade deal,

has garnered the bulk of attention. T-Notes are range-bound, last trade +0-05 at

128-18+. Cash yields operate marginally shy of neutral levels. Eurodollars are

0.25-2.0 ticks higher through the reds.

- JGB futures have shaken off the initial modicum of strength and now trade at

152.18, -14 ticks vs. settlement. Cash yields trade a touch higher across the

curve. The focus is on today's 20-Year JGB supply. Japanese EconMin Kajiyama

praised talks with South Korea, noting that a roll-back of some of the export

controls is possible, given further progress in bilateral negotiations.

- In Australia, YM -1.0 & XM -2.0. The yield curve has bear steepened. Bills

trade -2 to +1 tick through the reds. The minutes from the RBA's Dec meeting put

a bid into the space as "members agreed that it would be important to reassess

the econ outlook in Feb '20" while pledging readiness to loosen policy if

needed. Australian housing finance data was published alongside the minutes.