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CBA note that "in continuing the.......>

AUSSIE BONDS
AUSSIE BONDS: CBA note that "in continuing the borrowing program in the manner
the AOFM has done (~A$4-5bn/week on avg.), and assuming the projected
improvement in the economy, there would be some leeway towards a taper in the
average weekly borrowing in H2FY. A reduction towards less than half the current
average weekly tender borrowing is possible on these (JEFU) metrics. Overall, we
see no significant surprises in the debt numbers, but the swing factors will be
around the AOFM's management of cash, issuance of T-Notes vs. ACGBs and timings
of syndications around the maturity profiles."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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