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US TSYS

Tight Start

KRW

Won Grows Firmer

AUSSIE BONDS

Selling In White IRs As Bond Futures Nudge Lower

AUSSIE BONDS

AUCTION‌ ‌PREVIEW:‌ ACGB Jun '31 Supply Due

MYR

Ringgit Extends Gains, Malaysian CPI Eyed

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Futures Look Below Overnight Troughs

AUSSIE BONDS

Ahead of assuming the role as one of the lead managers CBA noted that "this is the third syndication of the financial year, and it's only August. The move is a surprise as the AOFM only flagged five syndications across the entire year. The August-November period is historically a period of cash outflow for the Government and the like volatility in wages in 2019-20 might be manifesting in larger than normal tax refunds at this time. If the Nov-31 achieves a size similar to recent 10Y syndications it may immediately be larger than the May-32 (currently $A16.25bn).We'd expect a coupon at 1% and an EFP at around 7.5-10.5 for price talk, with a final pricing at around 8.5bp."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com