Aussie bond futures held to familiar...>

AUSSIE BONDS: Aussie bond futures held to familiar ranges overnight, with YM

unch. and XM -0.5 at typing. The AOFM announced its weekly issuance schedule,

and there will be no coupon issuance via standard tender next week, making

plenty of room for the syndication of the new ACGB '51.

- Early focus in the space fell on upticks in the rates of expansion for the

flash CBA PMIs, although the data is still working off of a low base, which

needs to be considered. It is also worth remembering that the recent uptick in

local COVID-19 cases is set to impact confidence in at least the short term.

Also, the release noted that "the fall in employment looks a little surprising

given some other measures of labour demand have firmed more recently. But

encouragingly the acceleration of growth in new orders suggests labour demand

should improve."

- Elsewhere, NSW T-Corp launched a tap of its Oct '23 FRN, while AusGrid Finance

mandated for a potential round of AUD issuance. NAB issued A$100mn worth of 2040

subordinated notes.