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AUSSIE BONDS: VIEW: Westpac note that "the inversion of both the 3yr and 10yr
EFP remains a key point of interest, however the receive-side flow seen after
the RBA Board Minutes suggests that the market is becoming more comfortable with
the sustainability of low cash rates and hence has recalibrated how inverse EFPS
can go before profit-related pay-side emerges. It is not surprising that the
3-10yr EFP box is flat and we expect it will be move likely to move further
inverse in coming weeks. The relationship is complicated by the inversion of
both the 3yr and 10yr EFPs, but we expect carry-related receiveside flows will
step out along the curve and there are few long-dated payside flows to counter