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

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 ~3.3bp steeper last, with the

AU/U.S. 10-Year differential in to ~-26.5bp. 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 1-3 ticks lower

last, in what has been a low volume session for the strip.