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AUSSIE BONDS: Aussie Bonds have held firm in the wake of the AOFM's A$1.5bn
auction of the 2.50% 21 May 2030 Bond. When adjusted for the increased size of
the auction the cover ratio actually ticked higher, with the tail holding steady
in terms of length. Aussie Bond futures hover a little above the recent
cycle/contract lows, as Tsys hold above Tuesday's session lows.
- The domestic 3-/10-Year yield differential continues to edge steeper, last
62.5bp, while the AU/U.S. 10-Year yield spread hovers around ~-36.0bp as AU
paper outperformed Tsys.
- 3-Month BBSW fixed 0.2bp lower after moving higher over the last 2 fixings,
with the Bill strip last trading 1 to 2 ticks higher as repo rate and basis
pressure abates for now.
- The FOMC's MonPol decision provides the major risk event over the next 24
hours. Beyond that, participants will look to the AOFM's weekly issuance
schedule with interest, ahead of next week's RBA MonPol decision, AU trade data
& retail sales. It is also worth noting that RBA's Heath will make an appearance