Trial now

Heads North


Bearish Cycle Still In Play


Death Cross Adding Pressure


Risk Off Prompts Safe Haven Demand

ACGB Syndication In Focus


Curve a touch flatter vs. settlement levels in early Sydney trade, holding the move seen in SYCOM hours. YM -0.5, XM +1.0.

  • Victoria's COVID-19 case count continues to moderate, while weekend focus fell on Friday's comments from RBA Governor Lowe. Lowe addressed the Cabinet, as he called on state and territory leaders to cut public spending by 2%/GDP (~A$40 billion), to provide support for the economy. PM Morrison followed this up, stressing that increased public spending by states and territories needs to be co-ordinated, as he pushed back against the prospect of immediate announcements re: additional projects.
  • Eyes on the lookout for the formal launch of the new ACGB Nov-'31 via syndication after Friday's AOFM announcement re: the opening of the line.
  • On the corporate side BBG noted that Qantas has mandated banks to arrange investor calls re: a potential 7-year and/or 10-year A$ senior unsecured benchmark transaction. BBG also noted that Qantas may also consider the repurchase of part or all of the A$400m 7.50% due June 2021 on a switch basis.
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