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Cheaper & Steeper, But Off Lows

AUSSIE BONDS

Aussie bonds traded in a lacklustre fashion, with little in the way of notable idiosyncratic headline flow seen. YM -0.5, XM -4.0 at the close, following the broader themes seen in core FI during Asia-Pac hours after the latter printed at the lowest levels seen since the March vol in early Sydney trade, before edging away from lows alongside U.S. Tsys. Cash trade saw the 10 to 15-Year sector lag on the curve, with swaps tightening vs. ACGBs.

  • Corporate flow saw University of Melbourne price up A$150mn of a '31 line, which may have added to the pressure seen early on.
  • Bills were virtually unchanged through the reds.
  • We should also flag that surplus E/S balances lodged at the RBA have topped the A$100bn mark for the first time in recent days.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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