Thursday's Asia-Pac session was one....>

BOND SUMMARY: Thursday's Asia-Pac session was one of consolidation for core

global FI, with participants still digesting the Sino-U.S. trade deal, which

underwhelmed upon its signing/release of details on Wednesday. U.S. VP Pence

suggested that discussions on the phase 2 deal have already begun. This is

interesting, given that China's state media suggested that China will not

immediately negotiate the phase 2 U.S-China trade deal. T-Notes held a tight

range, last -0-00+ at 129-10+, with the cash curve experiencing some modest bear

steepening. Eurodollar futures print unchanged to 0.5 tick lower through the

reds. Worth flagging a 20.0K block buyer of the EDH1 98.625/98.875/99.000 broken

call tree in Asia hours, building on similar flow in recent Asia sessions.

- JGB futures held a very tight range, last 8 ticks above settlement levels.

Contract came under light pressure as the offer to cover ratio in the BoJ's

latest round of 5-10 Year Rinban ops jumped, although spreads narrowed from

prev. ops, moving into negative territory. Belly of curve still outperforms.

- Aussie bond futures failed to break their SYCOM highs, YM +2.0, XM +3.0 last.

Bills unchanged to 1 tick higher through the reds.