T-Notes did little overnight, even.....>

BOND SUMMARY: T-Notes did little overnight, even as regional equity indices &

U.S. equity index futures traded in a defensive manner during Asia-Pac hours,

with the contract hugging a tight range, last +0-01 at 138-08. Curve has seen

some light bull flattening, with yields 0.2-1.5bp richer. Swap spreads not far

off flat. Eurodollar futures +2.0 to -0.5 through the reds, with fronts

outperforming.

- Focus in the Aussie bond space fell on cash flow matters, with the chunky

maturity of ACGB 4.50% 15 April '20 and bookbuild of the new ACGB 0.25% 21 Nov

'24 (there are suggestions that books topped A$25.0bn doing the rounds).

Elsewhere, the RBA focused on semis in todays purchasing ops. Little doing for

futures, with YM -1.0, XM -0.5. Bills +1 to -1 through the reds.

- JGB futures were the underperformer amongst core FI, with the contract last 17

ticks below settlement levels. Perhaps some focus on the upcoming announcements

re: investment intentions for the large life insurers was evident? 1-3 Year BoJ

Rinban ops saw the purchase size remain unch. while the offer/cover ratio moved

higher and spreads seen at the ops widened vs. prev ops covering that bucket.