Overnight steepening impetus from......>

AUSSIE BONDS: Overnight steepening impetus from the Tsy space combined with

pre-auction concession ahead of ACGB 2032 supply was largely reversed, as the

cheapening resulted in solid take up at the auction, stopping comfortably

through mids at the time of supply. YM unch., XM -1.5 as we head towards the

close. Elsewhere, focus has fallen on NSW's first tentative steps out of its

lockdown situation. Also worth flagging a date for your diaries, earlier today

Treasurer Frydenberg noted that he will be providing parliament with an update

on the economic impact of COVID-19 on May 12, via a statement.

- Bills running 1 tick lower to 1 tick higher through the reds, with the

overnight cash rate fixing 1bp lower at 0.13%, a fresh all time low and just 3bp

above the rate paid on surplus ES account balances.

- Q1 CPI headlines the local docket tomorrow, but that is largely being viewed

as pre-COVID relic.