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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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AUSSIE BONDS: Futures have stuck a tight range in early dealing, brushing off
comments from RBA Dep. Gov Debelle, as he suggested that unemployment may fall
further than it has done in previous instances before wages pick up. Debelle
then participated in a Q&A, with BBG covering the comments. Debelle reiterated
that the "RBA is paying close attention to falling house prices," stressing that
the "drag on the economy from lower house prices is still somewhat unclear."
- The domestic 3-/10-Year cash yield differential continues to hover just above
65bp, while the AU/U.S. 10-Year yield spread also operates in familiar territory
at ~-45bp.
- CAF launched a 5-Year A$ Bond, as overseas players remain active in issuance.
- 3-Month BBSW fixed ~0.5bp lower for a second consecutive day, in spite of the
continued squeeze higher in repo rates (fresh month-to-date highs were logged
again today).
- The Bill strip last deals unchanged to 1 tick higher.
- Markets await the AOFM's auction of A$1.0bn of the 2.75% 21 November 2029
Bond, issue #TB154, with broader focus on tomorrow's AU labour market report.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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