Onshore & Offshore Matters support After Last Week's Backup

The offshore impetus dragged the Aussie bond space flatter during Sydney hours, with YM +0.5 and XM +5.0 come the close, as the latter traded through its SYCOM high. A solid A$1.5bn ACGB Nov '28 offering from the AOFM helped bulls, even after some corporate and offshore A$ deals were launched earlier in the day. The line sits in the proverbial sweet spot if the RBA decides to adopt a broader range of ACGB bond purchases covering 5-10 Year paper, and also benefitted from last week's backup in yields. Cover was above 4.5x, with the average price stopping ~0.9bp through prevailing mids (per BBG prices).

• We also saw the state Premier of Victoria confirm that all retail outlets will be allowed to open from Wednesday. Elsewhere, the weekend saw PM Morrison reveal that all of the nation's states & territories, barring Western Australia, have agreed to a broader framework that would end regional border closures before December 25.
• Bills unchanged to +1 come the close.
• RBA's Debelle & Bullock appear in front of the Senate Economics Legislation Committee on Tuesday.