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Cheaper Ahead Of RBNZ

AUSSIE BONDS

ACGBs sit off of session lows at typing, with a lack of notable macro headline drivers observed thus far and participants seemingly sidelined ahead of today’s Antipodean event risk. Cash ACGBs run 4-5bp cheaper across the curve, bear flattening, with fairly parallel cheapening observed across the 2- to 15-Year zone of the curve. YM and XM are both -4.5, with the former back from a brief show below its overnight low. EFPs are mixed, with the 3-/10-Year box twist flattening, while Bills run 1 to 6 ticks cheaper through the reds, bear steepening.

  • Results from the auction of A$800mn of ACGB May-32 will cross at the top of the hour, with Q2 wage price data to follow 30 minutes after. After that, focus will turn to the RBNZ’s latest monetary policy decision.
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