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A relatively soft auction for..........>

AUSSIE BONDS
AUSSIE BONDS: A relatively soft auction for 10-Year futures basket constituent
(given the smaller size vs. the most recent auction of the line) weighed on the
longer end of the curve, promoting some modest steepening in the wake of the
supply, although the move has now moderated.
- YM last +0.5 tick & XM last +1.0 tick. YM/XM last 51.5, with the cash
3-/10-Year yield differential at 48.8bp. The AU/U.S. 10-Year yield spread last
trades at -45.4bp.
- NTTC has priced $600mn of its 2.75 April 2027 line at EFP +67bp.
- Bills trade unchanged to 1 tick higher last.
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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