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ACGB Syndi Tap Weighs


The pricing of the A$6.0bn syndicated tap of ACGB May '41 in Australia applied some pressure to both U.S. Tsys and Aussie paper during Asia-Pac hours, with little in the way of broader macro headline flow evident.

  • The Aussie futures curve was steeper on the day on the back of the aforementioned ACGB pricing from the AOFM, with YM -1.0 and XM -6.5 come the bell, after the latter moved through its SYCOM lows in late Sydney dealing.
  • Cash trade saw underperformance for the 10-15 Year sector.
  • There was little of note in the latest ABS payrolls data/minutes from the RBA's most recent monetary policy decision.
  • Elsewhere, South Australia saw 1 new COVID case, with hundreds of people in isolation on the back of the recent outbreak there.
  • On the fiscal side, the NSW budget revealed a notable tax reform scheme, including the shift to an annual land tax from the traditional stamp duty.
  • Bills were unchanged to -2 come the close.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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