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Building On Overnight Gains

AUSSIE BONDS

ACGBs have built on the lead from the overnight richening in Aussie bond futures despite a downtick in U.S. cash Tsys, with the 10-Year AU/U.S. yield spread 6bp narrower on the day as a result, albeit operating well within the confines of the recent ranges

  • Cash ACGBs run 8.5-10.5bp richer across the curve, with the 10- to 12-Year zone leading the way higher.
  • YM and XM are +9.0 and +10.5 respectively, recording fresh session highs at writing. EFPs have narrowed, with the 3-/10-Year box steepening, while Bills run 1 to 9 ticks richer through the reds.
  • The latest round of ACGB Apr-29 supply went smoothly enough, with little reaction seen in ACGB trade.
  • Next week’s AOFM issuance slate will see A$1.5bn in ACGBs and A$2.0bn of Notes on offer. Aussie bonds edged higher after the release, possibly on the reduction to the DV01 on offer when compared to this week (A$916K across two ACGB auctions vs. A$1.539mn across three auctions this week).
  • Monday will see July retail sales headline the domestic data docket.
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