It has been another sedate session.....>

AUSSIE BONDS: It has been another sedate session for the space. A relatively

soft auction for a 10-Year futures basket constituent (given the smaller size

vs. the most recent auction of the line) weighed on the longer end of the curve,

promoting some modest steepening in the wake of the supply, although the move

has now moderated.

- YM last +1.5 tick & XM last +1.0 tick. YM/XM last 51.5, with the cash

3-/10-Year yield differential at 48.8bp. The AU/U.S. 10-Year yield spread last

trades at -46.5bp.

- NTTC has priced $600mn of its 2.75 April 2027 line at EFP +67bp. Other

launches in A$ issuance, Alberta min A$50mn tap of its 2028 line, Council of

Europe Aug 2029 line at swaps +49bp, Municipality Finance Min A$20mn Long

10-Year at swaps +47bp, BNG Bank 10.5-Year min A$25min renewable energy

Kangaroo. KfW priced A$300mn tap of its 2024 line at swaps +42bp.

- Bills trade unchanged to 1 tick higher through the reds on light volume.