NAB: Retain Long ACGB ix30 BEI Trade

NAB note that "ACGB BEIs have continued to rise and our recommended long ACGB ix30 vs Dec-30 breakeven trade is trading through our target exit level. Inflation expectations have continued to firm and if yields sell off further breakevens will likely rise too. Although our core view is that the most aggressive phase of the selloff is probably over for now, and there could be some amount of consolidation in bonds, carry on the linkers is also positive. So, continuing to hold the position with a higher stop-loss is attractive. We lift the target on the trade to 2.3% (from 2.1%) and raise our stop loss level to 2.10%."