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- Local rates kick off today's session slightly on the backfoot with yields just shy of +1bp higher on the back of softer risk sentiment out of APAC.
- Yesterday, the local curve bear steepened +3.2-7.4bp in the 10-30Y section of the curve – with 15Y yields most offered.
- The 5Y CDS also lifted +2.8bp, reinforcing a move above the 200 handle. Next major resistance seen at 217-220.