Little to note on the domestic.........>

AUSSIE BONDS: Little to note on the domestic front, with the aforementioned pork

purchase related headlines providing some brief pressure. Goings on across the

Tasman saw the major contracts retrace from SFE session highs on the back of the

RBNZ MonPol decision, which saw the Bank leave its OCR unch. & fail to firmly

commit to further easing next month. Local skilled vacancy data was virtually

flat M/M. The latest 10-Year basket bond auction saw a softer cover ratio &

higher % allotted at the high yield (as a % of bids at that level), although

this auction was conducted at an average yield that was 20bp or so below the

prior. There was not tangible, broader market reaction to the auction.

- Elsewhere on the issuance front the province of Ontario priced A$170mn worth

of 15-Year paper at swaps +73.5bp, while yesterday saw WATC mandate ANZ for a

potential 2034 issue, which could launch in the "near future."

- YM & XM +0.5 on the day, with YM/XM at 26.5 & the cash equivalent at 23.0bp.

- IBs price a ~72% chance of a RBA cut next week, in the middle of the range

seen in the last 24 hrs or so, as participants digest Governor Lowe's latest

comments. Bills sit 1 tick lower to 2 ticks higher through the reds.