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10-Year Yield Tops 3.00%, Some Recent Compression Vs. U.S. 10s

AUSSIE BONDS

Pressure surrounding the syndication of the new ACGB Nov-33, which is expected to price tomorrow (initial price guidance in line to a touch wider than sell-side estimates, see earlier bullets for further details on those matters), combined with the broader direction of travel for core global FI markets, has allowed 10-Year ACGB yields to print above 3.00% for the first time since ’15. Note that the Australia/U.S. 10-Year yield spread has compressed by ~20bp from the recent wides, after market vol. and continued cheapening pressure kept participants sidelined when it came to compression trades in early ‘22.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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