Steepening impetus from the Tsy........>

AUSSIE BONDS: Steepening impetus from the Tsy space during the final SYCOM

session of last week spills over into early Sydney trade this week, dragging

YM/XM above 70.0, YM -0.5 and XM -6.0 at typing, with the latter through

overnight lows but off worst levels seen in early Sydney trade.

- Move comes despite the previously flagged Australian-China trade tension, with

perhaps grater focus on the continued rollback of domestic COVID-19

restrictions, as both NSW and Western Australia outlined a slight loosening of

measures over the coming days.

- YM/XM's move above 70 may have also triggered some stop outs from those

looking to fade the recent steepening, aided by focus on the pricing of the new

ACGB Dec '30 over the coming days.

- Local docket is thin today, with participants on the lookout for any

announcements from the AOFM re: ACGB Dec '30 pricing. Elsewhere, the ABS will

issue its latest "Household Impacts of COVID-19 Survey."