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The space edged lower, playing.........>

AUSSIE BONDS
AUSSIE BONDS: The space edged lower, playing catch-up to the relative
underperformance of U.S. Tsys during NY dealing. The domestic 3-/10-Year yield
differential & the AU/US 10-Year spread continue to operate around familiar
levels.
- 3-Month BBSW fixed 0.7bp higher this morning. Near term volatility in the repo
rate space also continues to garner attention after rates in the space picked up
yet again at today's operation. Bills last trade 1-3 ticks lower.
- AUD cross currency basis swaps are also feeling the pressure of the elevated
funding costs, this led to Mizuho Financial launching 5-Year paper, to take
advantage of the move in basis.
- Elsewhere ANZ has announced 3-Year benchmark paper, while QTC priced a tap of
its August 2030 line.
- The remainder of the week provides little in the way of domestic risk events,
so focus is likely to remain on the BBSW/repo space & the global risk
environment.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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