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AUSSIE BONDS: ANZ note that "the RBA normally has A$10.5bn of OMO
maturities/week (~A$42bn/month). Current maturities for Oct are A$46bn & we exp.
this to rise, meaning large rollovers should keep repo rates elevated. BBSW has
been largely static for the last month, bank deposit data is out in coming days
& may shed light on the non-move. Oct maturities & coupons are sig & could drive
some demand for the mid-curve. Kangaroo issuance has started to pick up after
the summer, x-ccy basis levels are attractive to issue in AUD, though this is
waning. Modestly narrower swap spds make Semis look marginally more attractive.
ACGB issuance has been running at a slow pace, which has richened bonds to swap.
Oct sees a large maturity profile for ACGB/Semis. Watch for new issuance into
the cash flows. Recent issuance has slowed, which is normal as banks hit their
FY ends. In IRS, modest steepening in the belly has seen fly trades hurt for
received positions. Australian yields have followed global beta higher & are at
multi-month highs. Nonetheless, they look rich vs. the bond proxy of utility
stocks div yield. JPY based investors will start the H2 of their FY on 1 Oct.
Outright yields are tempting, with AUD/JPY hovering at multi-year lows."