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(Z1) Trades Through Support

BONDS

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BTP TECHS

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AUSSIE BONDS

NAB note that "the AOFM has announced a new Nov-31 maturity ACGB will be issued by syndication in the week beginning 24 August. We estimate fair value of the new bond is at an EFP of +9bp, or 3bp over the ACGB Jun-31. We assume a coupon of 1.00%. The new bond will be issued into the middle of the current 10Y futures basket. The Dec-30, issued in May, is also surrounded by basket bonds but has itself not yet entered the basket. However, the Dec-30 does not trade appreciably cheaper than basket bonds around it. Similarly, the new Nov-31 fair value should not need adjustment."

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