T-Notes have been under pressure,......>

BOND SUMMARY: T-Notes have been under pressure, even as e-minis continue to sit

in negative territory. Little in the way of headlines to drive the move. T-Notes

trade -0-05 at 139-00+, with bear steepening evident in cash trade. Eurodollars

last seen unch. to -0.5 tick through the reds. Focus in the Asia session moves

to China's Caixin M'fing PMI, due within a few minutes. 

- JGB futures sit at 151.73, 22 ticks shy of settlement. Focus has been on twist

steepening cash trade, inspired by the details of the BoJ's latest bond buying

plan. Japan's central bank lifted the upper limits of Rinban purchase bands out

to 10 Years. The space has shown little reaction to today's round of 3-5 Year

Rinban ops, with the tweak in purchase size seemingly discounted by the markets.

The Tankan Survey for Q2 was, on balance, worse than expected.

- Australian YM -1.0 & XM -5.5, with yield curve undergoing some bear

steepening. Bills last seen unch. to -1 tick through the reds. The AOFM

auctioned A$2.0bn worth of ACGB 2.75% 21 Nov 2028. Local m'fing PMI data saw

moves back into expansion, but building approvals tumbled more than forecast.