T-Notes happy to hold a tight range in......>

US TSYS: T-Notes happy to hold a tight range in early Asia dealing, with a

thinner liquidity, news flow light backdrop apparent, contract last -0-01+ at

138-29+. The first session of the week saw the contract unwind its early gains,

although it did manage to finish off of worst levels.

- Curve twist steepened on Monday, with a hefty IG issuance slate (headlined by

Apple's $8.5bn 4-tranche) in focus, while the Treasury noted that it expects to

borrow a record $2.99tn during Q220. The department assumes an end-of-June cash

balance of $800bn, and also said it expects to issue $3.7tn in net marketable

debt in the second half of the fiscal year, bringing total estimated debt

issuance to nearly $4.5tn in fiscal 2020.

- A recovery in U.S. equity indices and an uptick in crude also helped the

broader dynamic observed on Monday.

- A reminder that cash Tsys will be closed during Asia-Pac hours through

Wednesday, owing to a Japanese holiday, while a Chinese holiday will also limit

participation in the region on Tuesday.