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Local COVID Woes & RBA Views Eyed


Aussie bonds shrugged off the imposition of deeper COVID restrictions in parts of Sydney, with YM +2.5 & XM +3.0 at typing.

  • CBA's RBA call (they now look for a Nov '22 hike from the RBA) knocked the space back from best levels of the day during the Sydney morning.
  • A$1.0bn of ACGB May '32 supply was easily absorbed, with the cover ratio nudging higher vs. the previous auction, while the weighted average yield printed 0.25bp through prevailing mids at the time of supply (per Yieldbroker).
  • Elsewhere, Australia's latest round of monthly prelim trade data had nothing in the way of a notable impact on the space, as expected. Finally, the latest round of rhetoric from RBA's Ellis offered nothing new re: monetary policy.
  • Looking ahead to Thursday, there is little of note apparent on the domestic docket outside of the latest round of scheduled ACGB purchases from the RBA.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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