Aussie bond futures have held..........>

AUSSIE BONDS: Aussie bond futures have held steeper for the duration of the

session with the burden of AOFM supply via syndication, both immediately in the

form of the new ACGB Nov '25, and in the next few weeks, via the new ACGB Jun

'51, evident. YM -2.0, XM -4.0. The former is printing at the lowest level seen

since late March, with implied yield at 0.31%. A reminder that the RBA hasn't

had to purchase any ACGBs under its YCC scheme since early May. Still, there has

been little in the way notable flashpoints for the space to trade off, with the

light uptick in Tsys perhaps limiting the dip a little.

- The AOFM formally announced the launch of its ACGB 0.25% 21 November 2025

syndication, with initial guidance of 3-Year EFP +17-20bp. Note that most desk

estimates that we have seen pointed to pricing of somewhere between +17-18bp.

- The latest NAB business survey and ABS payroll survey headline locally on

Tuesday. Elsewhere, the ACGB 0.25% 21 November 2025 syndication is set to price

on Tuesday.