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JobKeeper Scope Widened, Strong Demand At ACGB Auction

AUSSIE BONDS

Aussie bonds flattened, in sympathy with moves in Tsys. The RBA's SoMP and subsequent commentary from RBA's Ellis provided little to shock, falling in line with recent rhetoric and the guidance that came alongside Tuesday's monetary policy decision.

  • YM prints unchanged, with XM +3.0.
  • Elsewhere, it is worth noting that Treasurer Frydenberg has confirmed a likely ~A$15.0bn widening of the funds set to be drawn by the JobKeeper program, as it loosens the restrictions for business eligibility surrounding turnover requirements.
  • On the supply side, the AOFM provided a very Vanilla issuance schedule, while A$2.0bn worth of ACGB Nov '24 supply was met with firm demand, as the auction drew strong cover and stopped through prevailing mids comfortably.
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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