ACGBs closed just shy of bests (YM +7.0 & XM +7.5) after U.S Tsys re-visited but failed to breach NY highs in Asia-Pac trade. Cash ACGBs richened 6-7bp with the 3/10 curve 1bp flatter and the AU-US 10-year yield differential -1bp at -16bp.

• Swaps closed 5-6bp stronger with the 3s10s 1bp flatter and EFPs 1-2bp wider.
• Bills strip flattened with pricing +1 to +10.
• A subdued session for RBA dated OIS with pricing 1-6bp softer across meetings with 30bp of easing priced by year-end. April meeting pricing was at +2bp.
• The AOFM released its weekly Issuance schedule with a planned sale of A$150mn of 0.75% Nov-27 indexed bond (Tue), A$800mn of 3.75% May-34 bond (Wed) and A$500mn of 0.25% Nov-25 bond (Fri).
• After a light few days, the calendar heats up again next week with the scheduled release of February Retail Sales (Tue) and Monthly CPI (Wed). These two releases were highlighted in the RBA Minutes as important inputs to the April policy decision.
• Until then, the market’s attention will be on U.S. Tsys and global STIR as it continues to process the dovishly perceived hike by the Fed this week.