Off Cheapest Levels, Semi Pipeline Builds

The space is still cheaper on the day, although futures print off of overnight extremes, YM -3.0, XM -4.0. Cash ACGBs have also seen some bear steepening, with the longer end of the curve ~4.0bp cheaper on the day at typing. The modest uptick in the monthly Westpac consumer confidence reading hasn't seen any market follow through, with participants focused on the daily NSW COVID case count, which will be released at the top of the hour. Outside of that, the previously outlined ACGB supply is due, while the latest RBNZ monetary policy decision may provide some trans-Tasman impetus. On the semi front, NSW TCorp has launched a benchmark sized tap of its Feb '32 line, which will be conducted via syndication.