Syndication On The Mind

The long end of the Aussie curve blipped lower as the AOFM announced
the formal launch of its new ACGB June '51, via syndication. Some
suggested that the fact that the AOFM will hold off on further issuance of
the line until at least Nov may drive lumpy issuance size when the bond
prices tomorrow. Curve a little steeper on the day, but has recovered from
intra-day steeps. YM -1.0, XM -3.0.

• Elsewhere, Victoria's COVID-19 case count was eyed, with fresh
  records lodged on several occasions in recent days, although follow
  through into markets was again limited.
• RBA Asst. Governor Kent offered little new on the monetary policy
  front, echoing recent central bank rhetoric re: the efficacy of
  monetary policy, the prospect of -ve rates and the level of the AUD.
• Looking to tomorrow, the pricing of the new ACGB Jun '51 will draw
  the most attention.