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Aussie Bond futures gradually edged....>

AUSSIE BONDS
AUSSIE BONDS: Aussie Bond futures gradually edged higher in Sydney trade, before
a bit of a pullback on flow at the close, which left YM +2.0 and XM +4.5 come
settlement, curve flattened, with YM/XM -2.5 at 43.5 as a result. Matters abroad
largely continue to drive price action, with that set to continue through
Wednesday's SYCOM session, as the phase 1 Sino-U.S. trade deal is set to come
under scrutiny.
- Domestically, PM Morrison noted that the "bushfire outlook continues to be
more benign" and that the country will "spend as much as it takes" to help fire
victims, per BBG.
- A very strong cover ratio (6.5375x) was seen at the latest auction of ACGB
2.75% 21 Apr 2024, albeit with "only" A$400mn offered. Elsewhere, desks noted
that QTC issued ~$A1.4bn across three lines, in a "material transaction." QTC
noted that the issuance took place in the recent past. KBN priced a A$50mn tap
of its 2.4% Nov' 2029 line at swaps +52bp.
- Bills finished 1-2 ticks higher through the reds.
- Housing finance data is due Thursday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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