Plenty To Assess, Ranges Tight Overnight

T-Notes held to a 0-04+ range overnight, last -0-01+ at 138-28, dealing off NY lows, with cash Tsys trading 0.4-1.5bp richer across the curve, bull flattening. Familiar sources of headline risk remain in focus, namely U.S. fiscal matters (after the White House confirmed that Trump administration remains open to a broader fiscal deal), the dynamic surrounding the U.S. Presidential race (as President Trump looks to get back on the campaign trail as soon as this weekend) and COVID-19 vaccine headline flow.• A sedate round of dealing for the JGB space, with little in the way of pertinent headline flow evident during the final Tokyo trading session of the week. Futures sit 3 ticks above yesterday's settlement levels as a result. The only real market development worth highlighting was the uptick in the offer/cover ratio for the latest round of 25+Year BoJ Rinban ops, which jumped above 6.00x, applying some modest pressure to the super long end in early afternoon trade.• Aussie bonds saw a particularly strong round of ACGB '25 supply, which provided some underlying support for the space during Sydney trade. YM -0.5, XM +2.0, with the cash curve also flattening. The latest AOFM weekly issuance schedule was pretty generic.