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The space generally followed the.......>

AUSSIE BONDS: The space generally followed the impetus of Tsys/broader risk
appetite on tuesday, moving back from early Sydney and SYCOM highs as U.S.
equity index futures moved higher. That left both YM & XM 1.0 tick lower on the
day come settlement time
- In terms of domestic market matters there was little to go off today outside
of QTC launching a New benchmark A$ July 2034 line.
- Australian PM Morrison noted that the impact of the Coronavirus would be
deeper than that of the bushfires, and when questioned re: the heavily touted
budget surplus he noted that "we will deal with that at the time of the budget."
- Elsewhere, Goldman Sachs became the latest to cut their GDP forecast for
Australia, and now look for -0.3% Q/Q fall in Q1.
- Swap spreads generally widened across the curve.
- Underperformance vs. Tsys held, with the AU/U.S. 10-Year spread > -50.0bp.
- Bills finished unchanged to 1 tick lower through the reds.
- Completed construction work gets the GDP inputs underway tomorrow, while we
will also see A$800mn worth of ACGB 1.50% 21 June 2031 supply.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |