T-Notes Insulated, ACGBs Eye Syndication

T-Notes consolidated in a tight range in Asia-Pac hours, once again, a
little more insulated than e-minis, with familiar sources of risk at the fore
(as has been discussed elsewhere). Contract +0-01 at 139-19+, with
cash yields printing 0.1-0.6bp richer across the curve. Short-end trade
saw 3.0K of Q0 SOFR futures sold against Fed Funds futures.

• JGB futures have traded lower than settlement during Tokyo hours,
  last -2, with some underperformance evident in the 7-20 Year sector
  of the cash curve for most of the day. 10-25 Year Rinban ops saw a
  widening of spreads, cover ratio virtually unch.
• The long end of the Aussie curve blipped lower as the AOFM
  announced the formal launch of its new ACGB June -51, via
  syndication. Some suggested that the fact that the AOFM will hold
  off on further issuance of the line until at least Nov may drive lumpy
  issuance size when the bond prices tomorrow. Curve little steeper on
  the day, but has recovered from intra-day steeps. YM -1.0, XM -2.0.