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Futures continue to hold around........>

AUSSIE BONDS
AUSSIE BONDS: Futures continue to hold around session highs in the wake of the
RBA's latest SoMP, which saw the RBA leave its 2020 CPI & underlying inflation
forecasts unchanged at 2.25%, after the Bank noted that "the central scenario is
for inflation to be 2.25% in 2019 and a bit higher in the following year" back
on Tuesday (the "a bit" language was in the written statement today, but the
central projections remained unch.), modest changes across the GDP forecasts
were apparent (a couple of small mark ups in 2018 & 2020), with the longer run
unemployment estimate nudged down to 4.75% as expected.
- 3-/10-Year cash spread at ~64.6bp, AU/U.S. 10-Year spread at ~-47.0bp.
- Some interest in the issuance space again today. Westpac is considering a new
A$ AT1 bond, CBQ will be roadshowing for an A$ bond from November 19 and NSW
priced $1.8bn worth of its 10-Year green bond at ACGB+44bp. Elsewhere BNG will
be tapping its 2029 A$ bond for a minimum of A$25mn at swaps+52bp.
- Bills unch.-3 ticks lower last, 3-Month BBSW set near enough unch..
- Focus next week moves to AU labour market data, wage prices, inflation exp.
biz/consumer confidence, as well as an address from RBA Dep. Gov. Debelle.
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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