Price action across the developed FI...>

BOND SUMMARY: Price action across the developed FI space has been particularly

subdued after a U.S. national holiday limited activity on Thursday.

- T-Notes have stuck to a tight range, last deal +0-02+ at 128-10+. Cash Tsy

yields are 0.7bp to 1.0bp lower across the curve. Eurodollar contracts trade 0.5

tick lower to 1.5 tick higher through the reds.

- JGB futures last trade at 154.00, 9 ticks above settlement as core EGB

dynamics from Thursday has seemingly spilled over into JGBs. The yield curve

runs slightly flatter, with yields sitting 0.1bp to 1.8bp lower. Following a

lack of reaction to better than expected Japanese household spending data, focus

turns to the 5-10 Year BoJ Rinban operations.

- Aussie bond yield curve has also flattened a touch, with yields trading 0.3bp

to 1.4bp lower. YM last seen 1.0 tick higher, with XM 1.5 tick higher. Bills are

trading unch. to 1 tick lower through the reds. An uptick in AiG construction

PMI has been shrugged off.