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Twisting Flatter, Issuance Matters Eyed On Friday

AUSSIE BONDS

The futures curve twisted flatter in overnight dealing, leaving YM -2.5 & XM +2.0 in early Sydney trade, tracking a similar move in U.S. Tsys during the overnight session. Futures are marginally below late overnight levels, once again tracking a late NY move in U.S. Tsys.

  • A reminder that Thursday’s Sydney session was dominated by what seemed to be a burst of short cover in YM futures (although the uptick in prices & open interest seems to nullify that view), while a lack of month-end support allowed the space to cheapen into the bell as Q1 came to an end after the impulse from YM gave way and the space retraced from best levels.
  • Friday’s local docket consists of CoreLogic house price and housing finance data. Meanwhile, we will also get A$300mn of ACGB Jun-51 supply & the release of the weekly AOFM issuance slate, with participants on the lookout for a potential syndication announcement re: a new ACGB Nov-33 line. Further afield, participants will assess the latest Caixin m’fing PMI print out of China.
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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