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A stronger than expected round of......>

AUSSIE BONDS: A stronger than expected round of Chinese trade data allowed
futures to ease back from their respective SFE highs after they had ground
higher in the early part of the session.
- YM unch., XM +1.0 tick. The curve & 10-Year AU/U.S. spread are effectively
little changed. YM/XM trades at 46.00, with the cash equivalent at 44.4bp. The
AU/U.S. 10-Year yield spread trades at ~-56.4bp.
- Issuance has generated some interest today. Rentenbank launched a minimum
A$50mn tap of its May 2029 line, EIB launched a minimum A$200mn tap of its
August 2026 Kangaroo line, while Virgin Australia mandated banks for an A$ debt
roadshow. Western Australia has hired banks for a fresh round of issuance, while
KfW priced a A$200mn tap of its Feb 2022 Kangaroo line at swaps +37bp.
- White & red Bills trade 1 tick higher to 1 tick lower at writing.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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