T-Notes have come under slight.........>

BOND SUMMARY: T-Notes have come under slight pressure with equities and crude

bid in Asia hours, but the contract stills holds a very narrow range, last

-0-01+ at 138-31. Focus continues to fall on the improving (on net) COVID-19

picture and loosening of lockdown measures across the globe, in addition to the

latest round of South Korean reports re: North Korean leader Kim, as Yonhap

sources noted that "South Korean military and intelligence authorities believe

that North Korean leader Kim Jong-un is handling state affairs normally." Volume

light, with cash markets closed owing to a Japanese holiday. Eurodollar futures

unchanged to +1.0 through the reds; EDM0 outperforming again in Asia, albeit

marginally, with a continued focus on LIBOR fixings & FRA/OIS spreads. Also

worth noting the potential for Boeing to issue debt, per the RTRs source piece

we have flagged elsewhere.

- Little to write home about for the Aussie bond space. XM back from early

Sydney highs on the cautious risk-on flows we have highlighted, with both YM &

XM now sitting at unchanged levels.