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Local Rates Buoyed by Bumper Auction; SABO Back Above 0

  • Local rates open marginally firmer this morning after a decent rally in yesterday's session, bolstered by the best bond auction in 6-months.
  • The breadth of the local curve shifted 9-12.3 bp lower, with the 2y most notably accelerating its downtrend held since 24 March.
  • 10Y momentum has also shifted, breaking its near-term uptrend – 9.35 & 9.23 supports below.
  • SABO Index back above 0, now 1451 indicating positive foreign flows.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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