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Bear Flattening

AUSSIE BONDS

Aussie bonds have continued to edge lower as we have worked our way through the Sydney session, with the record Australian trade surplus print for June and marginal cheapening in U.S. Tsys helping to pull the space away from best levels. Cash ACGBs run 3.5-6.0bp cheaper across the curve, bear flattening, while YM and XM are -6.0 and -5.5, respectively operating within the lower end of their respective overnight ranges after failing to break above neutral levels earlier in early Sydney dealing.

  • Note that the latest round of semi supply from TCV (a ~A$2bn tap of Sep-33 paper) may have added some pressure to XM around the time of pricing.
  • Bills run flat to 7 ticks cheaper across the reds, bear steepening.
  • Friday will see A$700mn of ACGB Apr-2027 on offer ahead of the RBA’s quarterly Statement on Monetary Policy (SoMP), with the AOFM's weekly issuance slate to follow soon after.
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