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Lower Lows

AUSSIE BONDS

The broader core FI selloff allowed further downside momentum to build during the final overnight session of last week, coming on the back of the late Sydney/early overnight pressure stemming from Westpac's adjustments to its year 10-Year yield forecast.

  • YM -1.0, XM -7.5 in early Sydney trade, with the latter off of worst levels after looking through its overnight low.
  • The local COVID vaccine rollout is now underway, with PM Morrison receiving his shot over the weekend.
  • The local docket is limited today, headlined by the RBA's latest round of ACGB purchases (with speculation that the Bank could step in to enforce its 3-Year yield target, after it failed to do so last week).
  • UBS have launched an A$ denominated round of 5-Year fixed and/or floating issuance, which is expected to price on or before Tuesday 23 Feb.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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