T-Notes ticked lower in Asia hours,....>

BOND SUMMARY: T-Notes ticked lower in Asia hours, range remains confined to

0-05+ ticks, last -0-06+ at 128-03+. Little news flow, with Trump's brashness

re: potential Senate procedures surrounding impeachment portrayed in a tweet, as

he called for an immediate trial. Yields 0.4-1.0bp higher across the curve. The

2-/10-Year yield spread holds below 30bp, after having a look above that level

on Thursday, registering fresh YtD highs. The only real flow of note was 22.5K

block buying of the TYG0 127.50/126.50 put spread vs. TYG0 129.50 calls.

- JGB curve is steeper after early underperformance in the belly. The Japanese

gov't approved a record budget spending plan of Y102.7tn for the coming fiscal

year, with general bond issuance being reduced for a 10th straight year,

although 40-Year JGB issuance has been nudged up to Y3.0tn for the FY. These

figures are in line with media reports made earlier this week. Futures last down

-24, off lows. There was no real impact from the monthly CPI data. The latest

5-15.5 Year liquidity enhancement auction saw tighter 5-15.5 Year spreads.

- Little to report for Aussie Bonds, outside of flow-driven price action, which

pushed YM to fresh lows. YM -5.0, XM -4.0., just off worst levels.