Very little of note for the Tsy........>

BOND SUMMARY: Very little of note for the Tsy space overnight, with cash Tsy

markets closed until London hours owing to the elongated Japanese holiday

weekend. T-Notes held a 0-02 range as a result, and last print unchanged at

139-18. Fiscal matters continue to dominate local headline flow, with

suggestions that Senate majority leader McConnell may introduce the GOP's

stimulus plan on Thursday, via several bills. Elsewhere, the SCMP has suggested

that China will move to close the U.S. consulate in Chengdu, in a retaliatory

act re: the closure of the Chinese consulate in Houston. N.B. the closure of the

Chengdu consulate had been touted as a potential retaliatory move, so this

doesn't present any real source of surprise, if true.

- JGBs were closed, as mentioned.

- Aussie bonds look through the much awaited JEFU update, with many of the key

details front run by local media reports. There was no roll forward of income

tax cuts. The curve flattened on the day, with YM last trading unchanged and XM

+2.0, with the contracts holding to familiar ranges, as the long end of the cash

curve outperformed, despite the impending ACGB '51 syndication.