Bond futures blipped lower on the......>

AUSSIE BONDS: Bond futures blipped lower on the SFE re-open, but recovered,

after following Tsys lower on SYCOM, in the wake of the ANZAC Day holiday.

- Wednesday's CPI print has provided the highlight this week, with the softer

than expected set of data pushing 3-Year yields to fresh all time lows of

1.254%, nearly a full 25bp through the cash rate. 3-Year yields now sit at

1.292%, while pricing re: a May cut from the RBA has been pared back to ~50%

(based on OIS), after trading in the 60s on Wednesday in the wake of the CPI

release.

- YM last trades 1.5 ticks lower on the day, with XM -2.0 ticks. YM/XM trades at

53.5 ticks, with the cash equivalent at 48.9bp.

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

- PPI & terms of trade data dominate the local docket today, with the AOFM's

weekly issuance schedule due to be released.