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

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.