*correct* Further Away From Session Highs
Aussie bonds have extended further away from their early Sydney peaks, with a lack of idiosyncratic headline flow apparent, leaving cross-market gyrations and spill over from a similar move in U.S. Tsys at the fore when it comes to explainers. Cash ACGBs run 2.5-8.5bp cheaper across the curve, with the early bull steepening impulse intact.
- The previously outlined mandate for a round of benchmark bond issuance from NSW TCorp will also be helping the move lower, albeit at the margin.
- The release of the weekly AOFM issuance slate was pretty vanilla in nature.