Curve Steeper In Sympathy With Tsys, RBA Widens Net a Little

Aussie bond futures hold steeper, extending the theme evident in SYCOM hours, with YM -1.0 and XM -4.0.

• The space looked through the announcement of A$500mn worth of ACGB purchases from the RBA, with the Bank targeting the following ACGBs: Nov '22, Apr '23, Apr '24. This covered a wider spectrum than the single line approach deployed yesterday (which focused on April '23), with the total purchase amount held steady.
• Elsewhere, the Australian PM said the effective unemployment rate is expected to now hit 13% (prev. 11%) in the wake of the Victoria lockdown, with the economic hit from the move set to total A$7-9bn.
• The RBA SoMP, an address from RBA's Ellis, A$2.0bn worth of ACGB 0.25% 21 November 2024 supply and the weekly AOFM issuance schedule all hit on Friday.