On Friday RBC noted that they are......>

AUSSIE BONDS: On Friday RBC noted that they are "re-entering a steepener albeit

with some trepidation ahead of NFPs. Our bias for a steeper curve over the next

12 months is unchanged, with the front end increasingly anchored by an RBA that

stays on hold for possibly even longer than our base case (Q1 hike) while higher

UST yields drag our long end higher, albeit by a smaller quantum. We continue to

look for pockets of flattening to re-establish steepeners having taken profit

recently on a similar cash steepener. At current levels, the curve is not far

from recent lows. We buy ACGB May 2021s, sell ACGB May 2028s at 58bp, target

75bp with a stop at 50bp."