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MONTH-END EXTENSIONS: /AUSSIE BONDS: CBA "are expecting large, but not extreme,
increases to both the Barclays and Bloomberg indexes. The Blomberg index is
expected to increase 0.079 years, driven mostly by AOFM issuance. The Barclays
index is expected to rise 0.109 years, with all the AOFM issuance but also the
QTC Jun-21 dropping below the 1Y minimum and hence also increasing the average
duration. There's very little happening with the sub-indexes this month. We have
included the scheduled AOFM auctions this week and we don't believe there will
be any other deals large enough to affect the overall index averages completed
before 30 June. We're not expecting a large market impact. The overall increase
in duration is around average, and mostly driven by ACGBs, which are
comparatively easy to source. June 30 is not your typical month-end, either.
It's also the financial year end which may trigger a little more attention on
other parts of the market. BBSW has been widely followed, but with 6M still
resolutely printing at around 16-17bp there's not much to say. There's still
more than ample liquidity in the system."