Late Monday saw RBC note that "on......>

AUSSIE BONDS: Late Monday saw RBC note that "on Friday we calculated fair value

on the new ACGB Nov '25 at about 3-Year EFP+17bp. The AOFM launched with a range

of EFP+17-20bp, slightly tighter than we expected. Given the market has

cheapened up bonds in the mid-curve since Friday, we now see fair value slightly

wider at EFP+17.4bp, but some of this "cheapness" in surrounding bonds is likely

to disappear post-issue. Therefore, we think EFP+18bp has enough new-issue

premium to justify purchasing some of the new deal, and anything wider will be a

bonus. This is a part of the curve we like, one which will be supported by the

RBA's 3yr YCC below it and by the prospect of the 5yr future to come later in

the year. We will consider ourselves long the new bonds on an EFP basis in our

trades portfolio if the deal prices at or above EFP+18bp."