Pressured By Broader Theme & A$ Supply

The broader environment applied light pressure to the Aussie bond space, with YM -0.5 and XM -2.5 at the close of play, with A$ issuance dynamics likely adding further, albeit modest weight to the space. The 10- to 12-Year zone of the cash curve underperformed on the sell off.

• TCV launched its new Nov '25 benchmark bond, with the line expected to price tomorrow morning. Elsewhere, EIB priced A$300mn of Jan '31 paper, while Canada's CPP mandated for investor calls (which may result in 5- to 10- Year A$ issuance)
• Elsewhere, weekly consumer confidence data from ANZ-Roy Morgan was little changed, while the latest round of ABS weekly payrolls data was pressured lower by seasonal matters surrounding the Christmas period (but isn't seasonally adjusted).
• Focus tomorrow moves to the Westpac consumer confidence data and A$1.8bn of ACGB 1.50% 21 June 2031 supply.