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The latest round off BBG trade war.....>

AUSSIE BONDS: The latest round off BBG trade war headlines applied minimal
pressure to the space, with bond futures continuing to trade around unchanged
levels at writing.
- The stronger than expected round of Chinese trade data had already allowed
futures to ease back from their respective SFE highs after they had ground
higher in the early part of the session.
- YM -0.5 tick, XM +0.5 tick. YM/XM trades at 46.00, with the cash equivalent at
44.9bp. The AU/U.S. 10-Year yield spread trades at ~-57.0bp.
- Issuance has generated some interest today. Rentenbank launched a minimum
A$50mn tap of its May 2029 line, EIB launched a minimum A$200mn tap of its
August 2026 Kangaroo line, while Virgin Australia mandated banks for an A$ debt
roadshow. Western Australia has hired banks for a fresh round of issuance, while
KfW priced a A$200mn tap of its Feb 2022 Kangaroo line at swaps +37bp.
- White & red Bills trade unchanged to 1 tick lower at writing.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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