Eyes On issuance

Futures have generally tracked gyrations in U.S. Tsys, and now sit a touch below late overnight levels, with YM +1.5 & XM at unchanged levels. Meanwhile, cash ACGBs run 1.5 richer to 0.5bp cheaper across the curve, twist steepening, with a pivot around 7s. There has been little in the way of meaningful major headline flow to go off since the Sydney open. The impending round of ACGB Jun-51 supply may be promoting some modest weakening in the longer end of the curve, with the 20-/30-Year yield spread still operating in inverted territory. In the semi-issuance space wires have noted that NSW TCorp has launched Sep-29 and/or Aug-31 floating rate issuance, which will price today.