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Futures managed to find some...........>

AUSSIE BONDS
AUSSIE BONDS: Futures managed to find some idiosyncratic support on top of the
broader cautious feel, drawing on the latest domestic labour mkt report. YM & XM
finished +4.0 and +3.5 respectively. The unemployment rate rose to 5.3% vs. exp
of 5.2% (partially owing to a marginal uptick in participation), outweighing the
favourable rotation out of part-time employment into full-time (with a marginal
beat for headline job growth seen), which comes on the back of 2 strong months
for part-t gains. Underemployment and underutilisation also rose. It should be
noted that trend measures of both these metrics were unchanged. The ABS noted
that "there was no notable impact on statistics from recent bushfires."
- Corporate issuance has seen Avanti Finance mandate for a potential round of A$
issuance, while BNG priced a $20mn tap of its 2029 bonds at swaps +51bp and KFW
priced a A$100mn tap of its 2026 line at swaps +40bp.
- Bills finished 2-3 ticks higher through the reds. IBs price a little over a
25% chance of further RBA easing by the end of the Bank's April decision.
- Flash PMIs and the AOFM weekly issuance schedule headline tomorrow's local
docket.
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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