CBA note that the new ACGB "Nov '25....>

AUSSIE BONDS: CBA note that the new ACGB "Nov '25 looks to us likely to sit at

something like 17bp EFP. That would make it about 1bp cheaper than the Apr '25.

That is reasonably aggressive pricing, there's a risk that the bond is slightly

wider than that at first issuance, but we would definitely expect the bond to be

at 17bp in short-order after issuance. The question will likely be settled by

the volume the AOFM needs. If the AOFM is seeking to better the previous deals

then the pricing might slip a little further back. But if, as we suspect, the

AOFM is not under as much pressure to issue now, then they will be happy with

north of about $A12bn and probably expecting something like $A15-20bn."