Tracking The Broader Ebb & Flow

Aussie Bonds mostly tracked the broader impetus, as opposed to local issues, YM unch., XM +3.5 at the close. The latest Australian labour market report was virtually as expected, with a nudge lower in the unemployment, underemployment and underutilisation measures.

• The RBA chose not to step in to enforce its 3-Year yield target, even with the benchmark hovering around levels that triggered the most recent round of 3-Year ACGB purchases back in December.
• A Dow Jones interview with ex-RBA board member John Edwards revealed little in the way of fresh ideas, with Edwards suggesting that the Bank will likely have to "extend its bond buying program beyond September to take some steam out of the Australian dollar."
• On the local issuance front Aurizon mandated banks for a potential 7+-Year round of A$ MTN issuance, while ADB launched a new minimum A$300mn round of 7-Year issuance.
• Focus on Friday rolls to local retail sales data, A$600mn of ACGB 0.25% 21 November 2025 supply and the release of the AOFM's weekly issuance slate.