T-Notes Firm On Softer E-Minis, ACGBs Catch Light Bid As Brisbane Locks Down

T-Notes ticked away from Friday's low at the re-open on the back of downticks in all three main e-mini contracts and last sit -0-01 at 131-23+, holding a relatively tight range since. Cash Tsy yields trade lower across the curve, with 5s outperforming at the margin. Eurodollar futures last seen unch. to +0.5 tick through the reds. Limited flow, absence of market-moving headlines & thin data calendar have translated into a quiet start to the week.

• JGB futures have slipped and last trade at 151.30, 6 ticks below settlement. Cash JGB curve runs flatter, with super-long yields outperforming. Little to rock the boat in the Summary of Opinions from the BoJ's Mar MonPol meeting.
• ACGB curve has steepened (but now runs off earlier steeps), yields last sit -0.4bp to +4.6bp. YM trades -1.5 & XM -5.0. Bills trade unch. to -2 ticks through the reds. The space caught a light, brief bid as Brisbane imposed a snap three-day lockdown to contain the spread of the UK coronavirus variant.