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A slight miss for the Q4 Q/Q wage......>

AUSSIE BONDS: A slight miss for the Q4 Q/Q wage price metric, which printed at
0.5% vs. exp. & prev. 0.6%, has helped underpin the space today, while the Y/Y
reading met consensus, holding steady at 2.3%, which represents a marginal miss
vs. the RBA's exp. of 2.4%.
- Bond futures operate around best levels at writing, YM +3.0 ticks, with XM
+3.0 ticks. YM/XM trades at 45.0, with the cash equivalent at 45.0bp. The
AU/U.S. 10-Year yield spread sits at -54.0, as the soft Q/Q wage data allowed AU
paper to outperform at the margin.
- Corporate issuance has also been noted. KfW launched a tap of it's A$ 2026
line at swaps +46bp, while BNP Paribas mandated banks for 5-Year A$ issuance,
IPT given at 3-Month BBSW ~+180bp.
- Bills trade 1-3 ticks higher through the reds
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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