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T-Notes Firm Up After Biden's Address, ACGB Futures Gain On AOFM Issuance Plan

BOND SUMMARY

T-Notes caught a light bid during the address from U.S. President-elect Biden, whose $1.9tn spending plan included no real surprises. The contract topped out at 136-23 before edging away from highs and last trades +0-05 at 136-23. Bull flattening evident in cash Tsy curve, with yields last seen 0.2-2.2bp richer. Eurodollar futures trade -0.5 to +0.5 tick through the reds.

  • JGB futures have inched higher, albeit rather anaemically, and last trade at 151.89, 5 ticks above last settlement. Cash JGB yields are generally little changed on the day, with 2s outperforming. A liquidity enhancement auction for off-the run JGBs with 5-15.5 years until maturity headlines the local docket.
  • Australian YM sits +0.5 & XM trades +1.5 (hitting session highs) after jumping on the back of the AOFM's latest issuance plan, with two relatively modest bond auctions slated for next week. Cash ACGB yields trade 0.1-1.4bp lower across a flatter curve. Bills last seen unch. to -1 tick through the reds.
BulletMarketsFixed Income Bullets
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