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RBA Minutes & Semi Issuance Hedging Weigh

AUSSIE BONDS

The RBA's April meeting minutes contained little in the way of fresh information, which left us pining over the release for an explanation re: the pressure that crept into the Aussie bond space. It may just be as simple as the fact that there was no real expansion on the RBA's thought process surrounding the potential extension of the 3-Year yield targeting scheme to cover ACGB Nov '24, in addition to a lack of overt worry and another nod to the wind down of the TFF come the end of June. Hedging surrounding the pricing of TCV's A$1.6bn round of Sep '33 issuance was another likely contributor. YM -2.5, XM -6.0, with the contracts hovering just above their respective intraday lows.

  • We also saw the World Bank launch a minimum A$300mn tap of its Aug '28 A$ line.
  • Preliminary retail sales and A$1.2bn of ACGB 2.50% 21 May 2030 headline the local docket on Wednesday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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