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A Two-Way Session

AUSSIE BONDS

Aussie bonds have pulled away from best levels, leaving cash ACGBS 6-8bp cheaper across the curve, with the 10- to 12-Year zone leading the way lower. YM and XM are -6.0 and -8.5, respectively, with the former operating off of early session lows, while the latter had had a look through its early Sydney base but has failed to meaningfully pierce it so far. Wider EFPs suggest payside flow in swaps has also aided the cheapening. Bills run 4 to 13 ticks cheaper through the reds, bear steepening.

  • A delayed reaction to the record Australian trade surplus (on the back of above-expectations exports and imports) also fed into the move away from richest levels of the day.
  • Friday will see A$700mn of the 0.25% 21 November ‘24 Bond on offer and the release of the weekly AOFM issuance slate.
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