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AUSSIE BONDS: ANZ "think fair value for the ACGB 2051s is flatter to the ACGB
2047s compared to the shape of the rest of the ultra-long end of the ACGB curve.
This is because the new line is likely to draw significant offshore demand, with
the ultra-long end of the curve looking cheap on a cross-market basis. We see
fair value as an EFP of +102bp over the current 10y futures contract."