The major fixed income markets have....>

BOND SUMMARY: The major fixed income markets have edged away from worst levels

in early Asia-Pacific trade, seemingly a little defensive ahead of the elongated

Japanese Golden Week holidays.

- T-Notes last 123.16, U.S. 10-Year cash Tsy yields last 2.523%, with yields a

touch lower across the curve. Eurodollar futures trade 0.5 to 2.0 ticks higher

through the reds.

- Aussie Bond futures blipped lower on the SFE re-open, but recovered, after

following Tsys lower on SYCOM, in the wake of the ANZAC Day holiday. YM last

trades unch. the day, with XM -1.0 tick. YM/XM trades at 53.5 ticks, with the

cash equivalent at 49.5bp. Bills trade 2 ticks lower to 1 tick higher through

the reds.

- JGB futures have stuck to a fairly tight range, moving away from the overnight

session lows to last trade 5 ticks higher on the day. Yields are little changed

across the curve.

- A limited re-open noted for German FI futures. Schatz -1.0 tick, Bobls +2.0

ticks, Bunds +8 ticks.