/AUSSIE BONDS: CBA "are........>

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."