Aussie Bonds hold tight ranges, YM.....>

AUSSIE BONDS: Aussie Bonds hold tight ranges, YM -0.5, XM -3.0, with the latter

having a look below SYCOM lows, as the steepening theme apparent after hours on

Friday holds in early trade this week. Participants are already looking to

Treasurer Frydenberg's fiscal update slated for Thursday. Weekend commentary saw

FinMin Cormann point to some adjustments to the JobKeeper scheme, while the

Treasurer confirmed the extension of the scheme beyond the initially scheduled

expiry (end of September). The AFR has pointed to a "tiered payment structure

linked to workers' pre-COVID-19 income. The tightening of eligibility criteria

through more frequent testing of business turnover is also appropriate." The AFR

also noted that "reopened viable small and medium businesses will now be

encouraged to invest in future job growth and the recovery by taking advantage

of a revamped SME guarantee scheme offering low-interest loans of up to $1

million over a five-year term." Worth noting that Melbourne will be enforcing

mandatory mask wearing in public in the coming days, while the NSW government

continues to focus on the local COVID-19 situation.

- A$2.0bn worth of ACGB 2.25% 21 Nov 2022 supply headlines locally today.