The Aussie bond curve has seen some....>

AUSSIE BONDS: The Aussie bond curve has seen some light steepening, after the

recent run of flattening, aided by the risk switch being flicked to on. YM

unch., XM -2.0.

- Little to really note in terms of local headline flow, given the frontrunning

of PM Morrison's latest address, with focus moving to tomorrow's ACGB '30 supply

and completed construction work data.

- RBA repo injections seemingly promoted some twist steepening of the Bill

strip, alleviating some of the worry after the lack of offsetting of the recent

A$19bn round of ACGB 2030 auction settlement. Note, ES surplus balances still

remain elevated in historical terms, above A$50bn, but well shy of the recent

record highs. Bills +2 to -1.

- On the issuance front we have seen a new round of BPCE A$ 5-Year Fixed/FRN

launched, while Spark Finance has mandated for a potential A$ 6-Year round of

issuance and BWP Management launched a A$50mn tap of its '26 line. AOFM linker

supply was easily absorbed.