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Twist Steepening Extends

AUSSIE BONDS

YM is holding on to the bulk of the early Sydney rally (look to our earlier bullet re: collateral shortage comments exacerbating movement in that contract), dealing +5.0, while XM is -1.5 on the day, with the early twist steepening extending. Some spill over from the U.S. Tsy space likely provided the initial impetus for the bid in the space. Cash 3s trade ~6bp richer, while longer end ACGBs sit ~3bp cheaper on the session.

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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