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1.00% May-38 Bund


Calendar spread trades on legs


Extending gains



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AUSSIE BONDS: 3-Year Bond futures last trade at 97.770 (+1.5 ticks), while
10-Year bond futures trade at 97.150 (+2.5 ticks).
- The space ticked to lows after US President Donald Trump noted that the Ways &
Means Committee is working on more tax cuts by "November," but the move was very
limited. This came before a move to fresh highs, in line with US Tsys. While
there is little apparent in terms of fresh headline risk it is worth noting that
Trump has reintroduced questions re: the Chinese trade situation & North Korea
over the last 24 hours which may be hampering risk. Aussie Bonds were also
supported by a soft completed construction work reading.
- The domestic 3-/10-Year yield differential sits 1.0bp flatter at 64.7bp, while
the AU/US 10-Year yield differential trades 0.7bp wider at -21.0bp.
- 3 month BBSW fixed a meagre 0.06bp higher today.
- The white & red Bill contracts last trade a tick higher to a tick lower, with
2 way flow noted in IRU8. IB activity also picked up following the soft domestic
data release.
- Participants await a speech from RBA Gov. Lowe later on Wednesday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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