T-Notes continue to operate just shy...>

BOND SUMMARY: T-Notes continue to operate just shy of Thursday's peak, holding a

very tight range in early Asia-Pac trade. Cash markets are closed and futures

trade is shortened owing to the independence Day holiday. Headline flow has been

sparse, providing little in the way of meaningful catalysts. T-Notes last seen

+0-01+ at 139-04+, with Eurodollar sitting unch. to +0.5 tick thru reds.

- The BoJ lifted the size of its 1-3 Year JGB purchases, while leaving the sizes

of 3-5 & 10-25 Year ops unchanged. This wasn't a surprise, given that it was the

first round of Rinban ops covering this bucket after the release of this month's

Rinban schedule, which saw a widening of the buying range for the 1-3 Year

bucket. JGB futures have been offered and last sit at 151.81, 5 ticks above

settlement. Cash JGB yields generally sit lower, with light underperformance

seen in the belly of the curve.

- Australian YM trades -1.0, with XM +1.0. Yield curve has twist flattened in

cash trade, with the space ignoring the final round of this month's PMI data out

of Oz & an expected rebound in retail sales. The AOFM tapped the mkt for ACGB

0.25% 21 Nov 2024, auction was covered 4.49x. Bills sit -1 to +1 thru reds.