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Aussie bonds took a limited hit on.....>

AUSSIE BONDS: Aussie bonds took a limited hit on much stronger than exp. retail
sales data. A reminder that Nov. includes Black Friday & may have sapped
activity from Dec. while broader focus continues to fall on the effect of the
bushfires. Futures then moved away from their early SFE trough before drifting
lower once again, alongside Tsys, failing to crack their SYCOM lows in the
process. YM & XM shut 1.0 & 1.5 tick lower, off lows. There was nothing in the
way of notable reaction to the AOFM noting that it plans "to launch the 21 May
'32 bond line via tender in the week beginning 20 Jan '20. Further details will
be provided on Friday 17 Jan '20." Elsewhere on the issuance front we saw BNP
Paribas launch 7.5 year fixed or FRNs, IPT BBSW +140bp, in semis TCV mandated
for a new benchmark 1.00% Nov 2023 line and the EIB priced a A$400mn tap of its
2.90% Oct 2025 line at ACGBs +43.5bp.
- Bills closed 2-3 ticks lower through the reds.
- IBs price a ~43% chance of an RBA cut in Feb vs. ~60% earlier this week.
- A$800mn of ACGB 2.75% 21 November 2029 supply and Melbourne Institute
inflation data headlines the local docket on Monday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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