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At Session Bests Ahead of RBA Minutes

AUSSIE BONDS

ACGBs (YM +3.0 & XM -1.5) are at or close to Asia-Pac trade bests in line with firmer U.S. Tsy futures (cash Tsys closed until the London session due to a national holiday in Japan) ahead of the RBA Minutes for the March meeting today (0030 GMT).

  • Cash ACGBs are 2-3bp firmer with the 3/10 curve 1bp steeper.
  • Swap rates are flat to -1bp with EFPs +2bp.
  • Bills strip twist flattens with pricing -4 to +2.
  • RBA dated OIS pricing is mixed with meetings out to July 1-3bp firmer and meetings beyond flat to 1bp softer. April meeting shows 4bp of easing.

Figure 1: RBA Dated OIS: Today Vs. Yesterday

Source: MNI – Market News / Bloomberg

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