PBoC liquidity provisions (coupled.....>

AUSSIE BONDS: PBoC liquidity provisions (coupled with a lower rate applied to

the Bank's 7-day reverse repo ops) and matters in Hong Kong offset each other,

at least in the eyes of participants, leaving YM unch. & XM -0.5 tick come

settlement. YM/XM closed at 41.0, with the cash equivalent closing at 40.7bp.

- Bills finished unchanged to 1 tick lower through the reds.

- A$500mn worth of ACGB 2.25% 21 May 2028 supply was easily absorbed, with

nothing else of note on the local docket today.

- The minutes from the RBA's latest MonPol decision are due tomorrow, and

present the key local risk event over the coming days. Participants are looking

for any mention of unconventional MonPol measures, whether we will see any such

utterances is another story.

- Corporate supply has seen NHFIC launch a 10.5 Year A$ denominated social bond

at futures +42bp, while NAB issued A$1.4bn worth of subordinated fixed &

floating 2031 notes & Woolworths launched A$ paper.