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AUSSIE BONDS

YM & XM are threatening clean breaks of their respective overnight highs, with Sydney session participants seemingly using the U.S. Tsy-inspired cheapening away from overnight session peaks as a buying opportunity in lieu of the latest BoE & ECB decisions/guidance. Domestically, housing finance data was softer than expected, while ACGB Apr-29 supply went well. YM is +13.0, while XM is +16.0, with the 10-12-Year zone leading the bid in wider cash ACGB trade. Bills sit 3-18bp richer through the reds, with the flattening impetus maintained there. EFPs are incrementally narrower, suggesting receiver side swap flow is aiding the rally in bonds. The weekly AOFM issuance slate will cross at the top of the hour.

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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