Futures have pulled back from their....>

AUSSIE BONDS: Futures have pulled back from their SYCOM peaks to test

yesterday's lows in early Sydney trade, as T-Notes tick lower. YM -0.5, XM -1.0,

although the Aussie 10-Year has outperformed its U.S. equivalent, with sources

flagging some receiving in the belly of the Aussie curve overnight.

- Focus today will fall on the AOFM's weekly issuance schedule, which will

contain further details on next week's planned launch of the new ACGB 21 May

2032. Notes that we have seen estimate that the line will hold a 1.25% coupon,

with a pricing estimate range of EFP +6bp-13bp.

- Worth remembering that monthly Chinese activity data & Q4 GDP will provide a

foreign risk event today.

- Bills sit 1-2 ticks lower through the reds.