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Futures Look Through Next Week's Uptick In ACGB Issuance

AUSSIE BONDS

Futures look through the release of next week's AOFM issuance slate, even with another A$300mn added to nominal coupon issuance (which now sits at A$2.8bn vs. this week's A$2.5bn), via ACGB Jun-51 supply on Monday. The AOFM has departed from the recent norms in terms of the number of ACGB auctions, with 3 rounds of coupon supply due next week. We will also see a notable uptick in Note issuance, which rises to A$5bn from the typical A$2bn. It looks like the AOFM is looking to rebuild its cash buffers. YM -1.0 & XM -2.0 at typing, as tight trade continues.

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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