Curve Steeper, ACGB Syndi Seemingly Attractive Vs. "Fair Value"

Tsy market dynamics in NY hours and the ongoing ACGB '51 syndication
(with orderbooks >A$28bn at present) leave the curve steeper vs.
settlement in early Sydney hours. YM -1.0, XM -3.0.

• A market contact notes that "flows have been active, with good
  receiving seen in 5y5y – both outright and on a spread to USD as well
  as NZD. Additionally, we have seen receivers of AUD curve, coupled
  with ongoing receive flow in the belly, around the high carry forward
  points."
• Bills sit unchanged to -2 through the reds.
• The aforementioned syndication will garner the most interest today,
  with the line seemingly competitively priced vs. most estimates of
  fair value. Elsewhere, weekly payrolls data will be eyed.