Very little to report for the space,...>

AUSSIE BONDS: Very little to report for the space, outside of the earlier

outlined, flow-driven, price action, which pushed YM to fresh lows. Both major

bond contracts hover finished off worst levels, aided by the "Xi not going to

Davos" BBG sources piece.

- YM closed -4.0 ticks, XM -2.0 allowing YM/XM to flatten by 2.0 ticks.

- Worth noting that AU 10s have underperformed Tsys over the last couple of

sessions which would have seen some of the AU/U.S. 10-Year yield spread

tightening positions that several desks were touting (outlined earlier this

week) entered.

- Bills 3-were 2-6 ticks lower through the reds.