Reports outlining UK PM Johnson's......>

BOND SUMMARY: Reports outlining UK PM Johnson's plans to guarantee a '20 exit

from the EU, with or without a trade deal, garnered the bulk of attention in

early Asia hours. T-Notes stuck to a 0-03 tick range, last +0-06 at 128-19+. Tsy

yields marginally mixed. Eurodollars 1.0-2.5 ticks higher through the reds.

- Aussie bonds picked up a fresh bid in lieu of the minutes from the RBA's Dec

meeting where the Board noted that "members agreed that it would be important to

reassess the econ outlook in Feb '20." The Board also affirmed that it remains

"prepared to ease monetary policy further if needed." Even as it believes that

the econ appears to have reached a gentle turning point. YM +1.5, XM -1.5, with

bull steepening the theme during SFE trade, post-minutes. Bills print 1-3 ticks

higher through the reds.

- The long end of the JGB curve outperformed in afternoon trade, resulting in

twist flattening of the curve after 20-Year supply saw the low price top dealer

exp., even as the cover ratio softened at the margin & the tail edged ever so

slightly wider. Futures last -11 ticks. There was little else to discuss outside

of ltd headline flow surrounding South Korean relations & trade war matters.