Daily Flows

• NAB’s 5-year MTN priced at +83 yesterday, with a total book size of $2.75 billion across FXD and FRN tranches.
• With strong sector inflows, banks met demand by offering rate such as 4.80% for 6-month term deposits.
• A domestic NCD issuer has entered the market, raising its 3-month NCD margin to +45.

Trade Tensions Continue & U.S. Job Market Update

• U.S. trade policy uncertainty continues to weigh on markets, with Trump threatening higher tariffs on Canada.
• The U.S. announced that Australia will not be exempt from steel and aluminium tariffs, adding to trade tensions.
• U.S. job openings rose to 7.74 million in January 2025, driven mainly by retail trade, finance, and insurance.
• Despite the stable labour market data, markets remained largely unchanged, with attention focused on tonight’s key U.S. CPI release.