T-Notes moved lower in Asia-Pac........>

BOND SUMMARY: T-Notes moved lower in Asia-Pac trade, with an uptick in equities

& marketing of a 2-part round of US$ supply out of the Philippines (10- &

25-Year) applying pressure after a limited start to trade. Contract last hovers

just above lows, -0-10 on the day, at 138-25+. Curve has steepened, although

there has been more attention on the short end, with EDM0 outperforming on the

Eurodollar strip in the wake of Friday's 3-Month LIBOR fixing ~10bp lower.

- JGB futures well bid in the wake of the BoJ MonPol decision (last +17), as the

BoJ formally removed its purchasing limit/target for JGBs (had become relatively

meaningless) while it pointed to increased JGB & Bill purchases to deal with the

greater supply burden and delivered higher than expected corporate

bond/commercial paper purchase limits vs. expectations. 7-10 Year zone of the

curve unwound early underperformance, with front end outperformance on the

aforementioned SME liquidity measures. Swaps generally wider.

- A very sedate Sydney session for Aussie bond futures. YM unchanged, XM -3.5,

extending a little through SYCOM lows ahead of tomorrow's ACGB '32 supply