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Aussie bonds saw a particularly strong round of ACGB '25 supply, with the average yield pricing comfortably through mids and cover ratio topping 6.00x, which provided some underlying support for the space during Sydney trade. YM unchanged, XM +2.5 as we head towards the close as a result, with the cash curve also flattening.
- The latest AOFM weekly issuance schedule held no surprises.
- Bills sit 1-2 ticks lower through the reds.
- Local data and the release of the RBA's FSR provided no impetus for the space.