Price action has been subdued in a.....>

BOND SUMMARY: Price action has been subdued in a pretty lacklustre early part of

the Asia-Pacific session. New Zealand's CPI provided the data highlight in early

trade, but no spillover into the broader space was noted as the numbers met

expectations. Elsewhere, news wires have been rather quiet so far.

- T-Notes last trade +0-01+ at 127-07, while cash Tsy yields are sitting 0.2p to

0.4bp lower across the curve. Eurodollar futures last seen unch. to 1.5 tick

higher through the reds.

- JGB futures reopened after the elongated weekend in Japan and last deal at

153.52, 14 ticks above settlement. Cash yields sit lower a tad, with some bull

flattening apparent. The latest round of BoJ 5-10 Year Rinban operations

provides the main point of interest today.

- In Australia, YM trades 2.0 ticks higher, with XM as much as 4.5 ticks higher.

Aussie bond yields last seen 1.3 bp to 5.1bp lower, with the yield curve running

flatter. Bills are unch. to 2 ticks higher through the reds. A$150mn of 1.25% 21

Feb 2022 I/L Bond will be offered at an auction at the top of the hour, ahead of

the release of the RBA's July meeting minutes.