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AUSSIE BONDS

ACGB Nov-33 Supply Passes Smoothly

AUSSIE BONDS

ACGB Nov-33 Auction Results

JGB TECHS

(H3) More Stable After January Volatility

JGBS

Futures Little Changed Overnight, Rinban Due

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Notably Firmer As The Day Wore On

AUSSIE BONDS

Aussie bonds generally tracked the relatively limited U.S. midterm-driven gyrations in U.S. Tsys during the first half of the Sydney session, before extending higher and outperforming after a shallower bid came into Tsys.

  • We didn’t see much in the way of overt domestic/idiosyncratic triggers to drive the outperformance, which extended as the major futures contracts made a meaningful break above their respective overnight highs, leaving cross-market moves and the breach of overnight session highs at the fore when it comes to explainers.
  • Softer than expected Chinese CPI data may have helped the space find a base earlier in the session, with the passage of yesterday’s ACGB May-34 syndication also removing supply-related pressure.
  • That left YM +11.0 & XM +17.0 at the close. Cash ACGBs sit 10-17bp richer across the curve, after 10s outperformed all day.
  • EFPs were wider, with the 3-/10-Year box bull steepening.
  • Bills print 2-9bp richer through the reds, bull flattening.
  • Looking ahead, an address from RBA Deputy Governor Bullock, with the topic of “The Economic Outlook” in front of the ABE annual dinner headlines during the Sydney evening.
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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