Tsys stuck to a tight range, with......>

BOND SUMMARY: Tsys stuck to a tight range, with broader activity relatively

limited during the Asia-Pacific time zone. T-Notes last deal +0-01+ at 127-07,

with cash yields little changed across the curve, 0.2-0.5bp lower on the day at

writing. Eurodollar futures trade unchanged to 1.0 tick higher through the reds.

- JGBs stuck to a tight range in the morning, and edged away from best levels in

the afternoon, likely pressured by a slight uptick in the offer to cover ratio

in the BoJ's latest 5-10 Year Rinban ops (3.43x vs. prev. 3.30x), after the bank

left the size of purchases in the zone unchanged. Contract still 8 ticks higher

on the day, with yields modestly lower across the curve.

- Aussie bonds operate near best levels after the RBA reiterated its stance re:

MonPol in the release of the minutes from its July meeting. The Bank's outlook

is heavily dependent on the evolution of the labour market, and the majority of

the RBA's commentary surrounding the matter was relatively downbeat. YM last

+4.5 ticks, with XM +6.5 ticks, resulting in a flatter curve. Bills deal 1-4

ticks higher through the reds.

- German FI a touch higher Schatz +0.5, Bobls +2.0, Bunds +11.