An uneventful session for futures......>

AUSSIE BONDS: An uneventful session for futures thus far, with the lead

contracts sticking to a tight range, just above the opening lows at writing,

with YM 3.0 ticks lower and XM 5.0 ticks lower, after the contracts followed

Tsys lower in U.S. hours. YM/XM trading 1.5 steeper at 51.50, while the cash

3-/10-Year yield differential trades at 48.7bp.

- AU/U.S. 10-Year yield spread last at -38.5bp.

- A narrower than exp. AU trade balance had no discernible impact on the space.

- Bills trading 2-4 ticks lower through the whites and reds. RBA Reverse repo

ops saw $550mn worth of 14-Day ops dealt at 1.997% & $1.555bn worth of 80-Day

ops dealt at 2.018%, holding higher after yesterday's uptick.

- On the corporate issuance front CBA launched a 5-Year A$ MTN, IPT at SQ

ASW/3-Month BBSW+113bp area.