AUSSIE BONDS: Nov-33 Supply Absorbed But Cleared Only Just Below Prevailing Mids

ACGBs (YM +3.0 & XM +4.0) are stronger.

• Cash US tsys are ~1bp cheaper in today's Asia-Pac session after Friday's strong rally.
• Cash ACGBs are 3bps richer with the AU-US 10-year yield differential at +1bp.
• The bills strip has bull-flattened, with pricing flat to +4.
• RBA-dated OIS pricing is slightly softer across meetings today. A 25bp rate cut in September is given a 29% probability, with a cumulative 36bps of easing priced by year-end (based on an effective cash rate of 3.59%).
• Today, the local calendar will be empty, ahead of the RBA Minutes on Tuesday.
• This week, the AOFM plans to sell A$1200mn of the 2.75% 21 June 2035 bond on Wednesday and A$1000mn of the 2.75% 21 November 2028 bond on Friday.

• The PBOC issued CNY288.4bn of 7-day reverse repo at 1.4% during this morning's operations.
• Today's maturities CNY266.5bn.
• Net liquidity injection CNY21.9bn.
• The PBOC monitors and maintains liquidity in the interbank system through the issuance of reverse repo.
• The CFETS Pledged Repo Deposit Institutions 7 Day Weighted is at 1.40%, from prior close of 1.46%.
• The China overnight interbank repo rate is at 1.43%, from the prior close of 1.45%.
• The China 7-day interbank repo rate is at 1.40%, from the prior close of 1.45%.

• CHINA PBOC CONDUCTS CNY288.4 BLN VIA 7-DAY REVERSE REPO MON