The broader risk-off flows.............>

BOND SUMMARY: The broader risk-off flows (surrounding the U.S. strike on Iranian

personnel, outlined elsewhere) filtered through into the core global FI space,

albeit in a fairly delayed manner, as participants waited for confirmation of

the strike and the death of the target (a very high ranking IRGC officer) before

acting. There was very little else to go off overnight.

- T-Notes +0-13+ at 129-01+, a little off highs, cash Tsys remain closed in

Asia-Pac hours owing to the ongoing Japanese holidays (the normal schedule will

resume on Monday). There was little in the way of notable options activity seen

overnight, with the larger clips observed in futures paying during the rally.

- Aussie bond futures also moved higher but were reluctant to extend too far

beyond their SYCOM highs. YM +5.5, XM +8.0, with YM/XM 2.0 flatter at 45.5.

Bills sit 2-6 ticks higher through the reds.