Bond markets rally. Several additional factors provided tailwinds to bonds yesterday. The US Quarterly Refunding Statement showed that the US Treasury expects to slow the pace of issuance in the long end of the curve in December and January. Additionally, total issuance at next week's refunding auction will be slightly smaller than expected at USD112bn. The decline in yields gained further traction in the afternoon following the release of significantly weaker than expected Manufacturing ISM figures for October. Labour market data was mixed with ADP lower than expected at 89.000 in October (consensus 150.000), while job openings remained elevated at ˜9.5mn in September.