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AUSSIE BONDS: Futures trade just back from session highs in the wake of the
RBA's latest SoMP which saw it leave its '20 inflation exp. unch. at 2.25%,
after the Bank noted that "the central scenario is for inflation to be 2.25% in
'19 & a bit higher in the following year" back on Tues (the "a bit" language was
in the statement today, but the central exp. remained unch.), modest changes
across the GDP exp. were apparent, with the longer run unemp. exp. nudged down
to 4.75% as expected. The RBA re-affirmed it sees no need for a near-term rate
hike, although it signalled increasing employment could fuel domestic inflation
down the line. The lack of change in inflation exp. put a bid into bonds.
- 3-/10-Year cash spread at ~64.0bp, AU/U.S. 10-Year spread at ~-47.0bp.
- 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. ADB priced $100mn of its 2029 bond at swaps+40bp.
- 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.