Curve Flattens As Syndication Pressures Abate

As mentioned ahead of the release, Q2 CPI data had nothing in the way
of any immediate, tangible impact on Aussie Bonds (and didn't provide
any meaningful detachments vs. broader expectations), given the
COVID-19 backdrop, monetary policy stance of the RBA and underlying
drivers of the release itself. YM +0.5, XM +5.0, flattening out of
yesterday's ACGB '51 syndication (as per several sell-side calls).

• In terms of syndication dynamics, foreign demand surged, with
  participation from both the UK and the U.S. jumping (when compared
  to recent syndications). Once again, foreign demand was expected
  ahead of supply.
• Elsewhere, the Australian foreign minister stressed Canberra's
  relationship with Beijing was important, noting the country has no
  intention of harming the ties, after a meeting with the U.S. Sec of
  State.
• Re: COVID , Queensland has closed its borders to Greater Sydney.