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AUSSIE BONDS: Late Wednesday saw NAB note that "last Friday the AOFM provided
guidance on its 2020-21 issuance program. Within this the AOFM announced its
intention to issue a June 2051 by the 30th September 2020 (subject to market
conditions). This will extend the yield curve by four years from the ACGB Mar
2047 bond line. Given this is a curve extension, we think the best way to get
price guidance is to look at the relativities with the US Treasury curve and the
Bund curve. A level of around 60bps over the US 30-year bond and 195bps over the
30-year Bund seems fair. At current levels this equates to a yield of circa
1.98%. A yield with a 2% handle would likely gain more attention from