Daily Flows

• As EOFY approaches, investor activity yesterday leaned toward shorter durations, likely driven by liquidity needs, with a BBB+ green-friendly bank at 4.50% attracting strong flow.
• The short end of the yield curve continues to be quite flat, with just 3–4bps separating 3–6 month BBSW.
• Suncorp (Norfina, AA-) Sept-29 FRNs were available +80bps, offering value versus major bank paper of similar tenor.

Markets Await Key Data

• It was a subdued start to the week, with US bond markets closed overnight for Memorial Day and little directional flow in major markets.
• Sentiment improved after Donald Trump delayed his proposed 50% tariffs on EU goods, extending the deadline to July 9 following talks with European Commission President von der Leyen.
• Futures point to a modest decline in AUD yields at the open, mirroring softer global sentiment.
• No major domestic data is scheduled for today, though weekly consumer confidence will be watched ahead of tomorrow’s April CPI print — an important data print for the RBA’s July decision.