All About Issuance

T-Notes edged lower overnight, with the contract last -0-04+ at 139-10+,
as the curve marginally steepens. The space took the lead of broader
market flows, as several strategists pointed to long 10-Year ACGB vs.
short 10-Year U.S. Tsys expressions, which they believe will perform
when the pressure of today's ACGB issuance subsides.

• JGB futures softened in early afternoon trade, last -1, with the wings
  of the curve outperforming in cash throughout the day. The latest
  round of 40-Year supply wasn't particularly impressive, although the
  auction passed smoothly enough.
  
• ACGB steepening was evident surrounding the ACGB '51 syndication,
  with the bookbuild reportedly topping A$36.0bn and A$15.0bn set to
  price at the tight end of guidance. Elsewhere, the latest round of ABS
  payrolls data showed another downtick for wages & the number of
  people employed, as the metrics moved further away from their post-
  COVID peaks. YM -1.0, XM -5.0.