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T-Notes hold a touch above.............>

BOND SUMMARY
BOND SUMMARY: T-Notes hold a touch above Wednesday's settlement levels in the
wake of a holiday shortened Thursday session, last +0-02+ at 128-10+. Yields
across the entirety of the U.S. Tsy curve continue to print below the upper
bound of the Federal Funds Rate, with very modest bull steepening apparent.
Eurodollar futures -0.5 to +2.0 thru the reds vs. Wednesday settlement levels.
- JGBs have seen some modest bull flattening of the curve. The BoJ left the size
of its 5-10 & JGBi Rinban operations unchanged, offer to cover ratios as
follows: 5-10 Year 3.30x (prev. 2.19x), JGBis 5.12x (prev. 6.29x). Futures last
trade +5 ticks at 153.96, back from best levels after looking above the figure.
Tick back from highs likely on the increase in the offer to cover ratio in the
5-10 Year bucket during the latest round of Rinban.
- Little to report for Aussie Bonds with the main contracts sticking to tight
ranges thus far. YM +0.5 tick, with XM +1.0 tick. YM/XM deals at 38.5 ticks, a
touch flatter on the day, with the cash equivalent at 33.9bp. Bills trade
unchanged to 2 ticks lower through the reds.
- German FI modestly higher Schatz +1.0, Bobls +3.0, Bunds +0.08.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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