YM continues to sit where the RBA......>

AUSSIE BONDS: YM continues to sit where the RBA wants it, last +0.5, while XM

benefitted from the broader risk-off feel to the session, which centred on

Sino-U.S. matters, after an early look at the SYCOM lows, last +2.0.

- The mild flattening dynamic also got some help from a fairly typical AOFM

issuance schedule, that isn't heavy on duration, at least by recent standards.

There may have also been some spill over from across the Tasman as the RBNZ paid

up in its latest round of NZGB bond purchases and left next week's NZGB purchase

target amount unchanged.

- Long end remained resolute despite Australian PM Morrison revealing that the

Cabinet will consider easing lockdown measures on May 8, one week earlier vs.

previous plans.

- The first tap of ACGB 0.25% 21 Nov 2024 supply went particularly well, with

some of the reasoning outlined in our auction preview.

- Bills run unchanged to 1 tick lower through the reds, with the overnight cash

rate fixing 1bp higher.