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AUSSIE BONDS

It would seem the space is largely being driven by swings in U.S. Tsys, albeit with a higher “beta.” There hasn’t been much in the way of idiosyncrasies to flag, outside of the previously noted roll flow. YM +0.3 & XM -7.2 at typing. With the cash curve now twisting steeper around the 1- to 2-Year zone. Long end ACGBs are ~8bp cheaper on the day. EFPs have narrowed on the weakness in bonds.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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