The first half of the Asia-Pac.........>

BOND SUMMARY: The first half of the Asia-Pac session saw a modest risk-off feel

creep into the regional FI space. U.S. T-Notes bucked the trend, and last deal

-0.02 at 122.26. U.S. 10-Year cash Tsy yield last seen at 2.612%, with cash

yields sitting 0.5 to 1.5bp higher across the curve. Eurodollar contracts are

trading 0.25 to 1.5 ticks lower through the reds.

- JGB futures last seen at 152.87, 14 ticks above settlement , as we approach

the lunch break. Cash yields trade 0.6 to 1.3bp lower across the curve. Worth

mentioning that the BoJ left the sizes of its 5-25+ Rinban ops unchanged today.

- Aussie bond yields are 6.1 to 7.2bp lower across the curve, partly playing

catch up to the move in Tsys overnight, and partly on the back of soft Westpac

consumer confidence data. Worth noting Aussie yields briefly moved away from

session lows as ANZ said that they exp. the RBA to keep its MonPol settings

unch. through 2019 and 2020, in contrast to a recent series of changes to RBA

calls by major banks. YM last trades +0.07 at 98.45, with XM +0.07 at 98.035,

while YM/XM trades marginally lower. Bills are trading 2-7 ticks higher through

the reds.