Back From Steeps

Sydney trade has seen some curve flattening, with YM unch and XM +4.0 come the bell, with no outright sign of hedging pressure around the time of pricing SAFA's '34 issuance, which headlined an active day for Semi & SSA issuance.

• Swaps generally lagged the move in ACGBs, with spreads unchanged to wider across the curve.
• The latest local NAB business survey saw an uptick in the confidence metric, although the current conditions index moderated, with the survey collator noting that "given conditions remain above average, notwithstanding the fall this month, and lead indicators continue to trend higher, the survey continues to point to an ongoing recovery."
• Westpac consumer confidence data and A$1.0bn of ACGB 1.00% 21 November 2031 supply headline locally on Wednesday.