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VIEW: UBS: Will The RBA Join The Pack?


(Z1) Sell-Off Abates


Catch Up


Nothing New From Lowe


Coming up in the Asia-Pac session on Friday:

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5-Year ACGBs garner some strength, as the market has digested a particularly strong sale of ACGB Apr '26. The bid/cover ratio jumped to 7.50x and the average over the past 20 offerings held above 5.00x, a record streak for Aussie bonds.

  • BBG flagged support from the RBA's QE programme, while CBA pointed to the likelihood that Japanese players are buying back in, in defiance of global inflation fears.
  • Meanwhile, the AOFM released a rather light issuance slate for next week. They are set to offer A$1.5bn of ACGB Apr '33 next Wednesday.
  • Yields trade 0.2-0.7bp higher across the steepened curve, with 5s outperforming after 5-Year yield briefly flirted with negative territory. The long-end of the curve has lifted over the last hour or so, in the wake of the auction.
  • Aussie bond futures have dipped since our latest update, YM trades -1.0 & XM -1.5, both hovering just above session lows.
  • Bills last seen 1-3 ticks lower through the reds.