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AUSSIE 10-YEAR TECHS

(Z1) Off Lows, But Remains Weak

US TSYS

Flat Restart After Wednesday's Steepening

AUSSIE 3-YEAR TECHS

(Z1) Sell-Off Abates

AUSSIE BONDS

Parallel Shift In Futures Overnight

RBNZ

VIEW: ASB Looking For Higher Peak In OCR

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J.P.Morgan note that "the WNZ1 CTD basis net of carry is currently unusually wide at ~4.5/32nds, and the contract has little switch optionality. Sell $50mn notional of the 3% Feb 2047 basis into WNZ1 @ 31/32nds (carry to last trading day 26+/32nds, net basis 4.5/32nds, WNZ1 @ 197-28/32nds). This trade involves selling $50mn notional of the 3% Feb '47s (at a basis-implied price of 122-15.5/32nds) versus buying 307 WNZ1 contracts @ 197-28/32nds."