Australian paper has traded in a.......>

AUSSIE BONDS: Australian paper has traded in a similar manner to Tsys and

futures have threatened a clean break above Friday's highs. YM +1.0, XM +3.5,

leaving YM/XM at 28.5 and the cash equivalent at 25.5bp.

- The latest round of local data and ACGB supply was looked through.

- Elsewhere, it has been a relatively busy one on the A$ corporate issuance

front. Notable deals included John Deere Financial launching a new 5-Year A$

line, HSBC launching 3- & 5-Year A$ paper, BoCom Sydney mandating banks for an

A$ debt roadshow & Downer Group hiring banks for a potential tap of its '26

line.

- Bills trade 2 ticks lower to 2 ticks higher through the reds.

- RBA repo operations saw the RBA allot A$2.4bn worth of 9-day ops at an average

of 1.263%, which covers local banks though the end of their financial year.

- As a reminder, RBA Gov. Lowe is set to speak tomorrow, with the address coming

in the wake of a "dovish" set of meeting minutes & an uptick in the unemployment

rate. This has left IBs pricing an ~80% chance of a cut from the RBA next week.