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It has been a relatively limited.......>

AUSSIE BONDS
AUSSIE BONDS: It has been a relatively limited start for the space, although
outright Bond futures have made fresh lows after they tracked global paper lower
on SYCOM, aided by comments from ECB President Draghi.
- The domestic curve has steepened a touch as the long end underperforms, with
10-Year yields hitting the highest level observed since June, allowing the
domestic 3-/10-Year yield differential to trade at ~61.5bp last, back from the
early highs, while the AU/U.S. 10-Year yield spread has come back in to
~-34.5bp. XMZ8 has registered a contract low on the move.
- 3-Month BBSW fixed some 0.9bp higher today, with funding markets generating
interest heading into quarter end. The Bill strip last deals unchanged to 4
ticks lower.
- Traders have spoken about a ~10.5K buyer of IBF9 in the overnight session.
Most traders have suggested that this is merely a hedge, but some traders have
suggested that this is a cheap play on the possibility of the RBA delivering a
rate cut in December.
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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