Little to note in terms of domestic....>

AUSSIE BONDS: Little to note in terms of domestic impetus from Australia today,

with ACGB, semi & offshore supply all figuring on a day that saw the broader

risk-on backdrop driving matters.

- Local Q1 GDP data made an Australian technical recession virtually assured,

with Treasurer Frydenberg conceding as much, although the space showed no real

reaction to the print.

- YM -0.5, XM -6.0, although the contracts are back from worst levels of the

day, with firm support in YM holding again, given the RBA stands ready to

restart YCC ops as and when needed. XM followed broader risk flows, with Aussies

10s widening a touch vs. their U.S. counterpart.

- On the issuance front: A$2.0bn of ACGB 5.50% 21 April 2023 was smoothly

absorbed, as expected, semis saw NTT announce a tap of its 2033 line, while CIBC

launched A$ 3-Year fixed and/or FRN this morning, which will be today's business

and BNG launched a tap of its July 2028 A$ line. We also saw Aurizon execute

A$1.3bn worth of debt refinancing.

- Monthly trade & retail sales data headline Thurs, AOFM Bill supply also due.