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

AUSSIE BONDS: It has been another sedate session for the space, with limited

activity over the last few hours. 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 +1.5 tick. YM/XM last 51.0, with the cash 3-/10-Year

yield differential at 49.2bp. The AU/U.S. 10-Year yield spread last -45.8bp.

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

launches/pricing in A$ issuance included, Alberta min A$50mn tap of its 2028

line, Council of Europe Aug 2029 line, 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 relatively limited

volume. RBA repo ops saw $280mn worth of 37-Day ops dealt at 2.086%, with

A$2.180bn worth of 63-Day ops dealt at 2.089%.

- Focus turns to the domestic labour market report, due Thursday.