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Grinding Away From Lows

AUSSIE BONDS

The early bid, which was seemingly inspired by the Australian diplomatic boycott of the Beijing Winter Olympics, has extended in the wake of a well-received round of ACGB Nov-31 supply (see earlier bullet for more colour on the auction) & a bid in the Tsy space. This has dragged YM & XM higher, with those contracts last -3.0 & -1.0 on the session. The 5-Year zone underperforms on the curve, cheapening by ~3.5bp.

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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