ACGBs have tracked the post-RBNZ gyrations in NZGBs, initially cheapening before richening, with a no lasting bearish impulse derived from the in line with expected 50bp OCR hike across the Tasman (which was coupled with a 50/75bp rate hike debate). See our earlier bullets for more colour on that matter. YM & XM have showed through their overnight peaks, but there hasn’t been much follow through. The former is +5.5, while the latter is +9.5. Wider cash ACGB trade sees 5-9bp richer, with 10s outperforming. Bills run -1 to +7 through the reds, with twist flattening in play.
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