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

AUSSIE BONDS: A slight miss for the Q4 Q/Q wage price metric, 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, YM +3.0 ticks,

with XM +3.0 ticks. YM/XM trades at 45.0, with the cash equivalent at 44.8bp.

The AU/U.S. 10-Year yield spread sits at -54.1, as the soft Q/Q wage data

allowed AU paper to outperform at the margin. Corporate issuance has also been

noted. KfW priced a A$300mn tap of it's '26 line at swaps +46bp, while BNP

Paribas mandated banks for 5-Year A$ paper, IPT given at 3-Month BBSW ~+180bp.

- S&P pointed to AU prime home loan delinquencies rising in Dec, as 90+ days

arrears hit a record high. The agency expects refinancing pressures to remain.

- Bills trade 1-3 ticks higher through the reds, with 3-Month BBSW setting ~2bp

lower again today, while A$320mn worth of 13-Day RBA repo ops were dealt at an

average of 1.875%, with A$2.25bn worth of 70-Day ops dealt at an average 2.033%,

reiterating the fact that turn premium is still evident.

- Focus now moves to AU labour market data, due tomorrow.