Flatter To Start

Aussie bonds flattened in overnight trade, taking cues from the U.S. rates space, with the move itself lagging U.S. Tsys a little. YM unchanged in early Sydney dealing, while XM prints 4.0 ticks higher vs. settlement after the late overnight pullback, which came as U.S. Tsys moved away from highs. Friday represents a quiet end to the domestic week, with focus on the AOFM's weekly issuance slate, which is expected to return to a more vanilla schedule after this week's ACGB '32 syndication. We should flag that China's monthly economic activity data & Q1 GDP reading may provide some offshore impetus for participants.