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The space has traded on the back of....>

AUSSIE BONDS
AUSSIE BONDS: The space has traded on the back of broader market themes over the
last 24 hours or so, firstly in the wake of the BOJ MonPol decision, followed by
the latest round of U.S.-China Tariff rumours in SYCOM & early SFE dealing.
Bonds now trade well shy of their early SFE session highs, that came on the back
of headlines suggesting that the U.S. is considering levying a 25% tariff on
$200bn worth of Chinese goods, up from the prior 10%, although the sources
attributed did concede that the touted higher tariffs may not come to pass. The
latest shunt lower, came on the back of the selloff in JGBs.
 - The domestic 3-/10-Year yield differential sits ~2.4bp steeper last, with the
AU/U.S. 10-Year differential in to ~-27.0bp. Outright bonds trade in familiar
territory.
- The auction of a non-basket Bond (until the next roll) passed without any real
market interest, with the fall in the bid-to-cover ration being a direct result
of the increased auction size.
- 3-Month BBSW fixed 0.25bp lower today, with the Bill strip 1-2 ticks lower
last.
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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