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Smooth Auction Helps Early Bid

AUSSIE BONDS

The lack of macro headline flow has allowed ACGBs to oscillate a little above unchanged levels in early Sydney dealing, with the major benchmarks running 3-6bp richer as the intermediate zone outperforms. YM +4.0 & XM +6.0 at typing. 3- & 10-Year EFPs have narrowed by ~1.5bp. Bills sit 1bp lower to 6bp firmer through the reds, twist flattening.

  • The latest round of ACGB May-32 supply passed smoothly, with an uptick in XM seen post-auction.
  • Participants await the latest RBNZ monetary policy decision, due at the top of the hour, with the potential for trans-Tasman spill over evident.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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