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AUD

Struggles To Break 0.78 Handle

AUSSIE BONDS

Supply & Local Data Due

JPY

USD/JPY Remains Heavy

US TSYS

Assessing A Narrow Day

NZD

Kiwi Recoups Monday's Losses

AUSSIE BONDS
AUSSIE BONDS: The Australian Office of Financial Management (AOFM) will today
sell A$500mn of the 3.25% 21 Apr 2029 Bond, issue #TB1138. 
- The line was last sold on May 11 2018 for A$1.0bn. The sale drew an average
yield of 2.7842%, a high yield of 2.7850%, with 78.3% allotted at the high yield
and was covered 3.9080x. There was 39 bidders, 11 of which were successful and 6
were allocated in full.
- The line has $22.7bn outstanding with a modified duration of 8.83 years.
- The Bond forms part of the futures basket for XMZ8.
- The line's yield has operated in a ~24bp range over the last month or so, last
sitting around the middle of that range at 2.6645%.
- The line looks fairly priced in ASW & Z-spread terms, if not slightly more
appealing than the nearby Nov 2029 line.
- Results due at 0200BST/1100AEST.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com