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(M2) Trend Condition Remains Bearish


(M2) Bounces Off Cycle Lows

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AUSSIE BONDS: VIEW: ANZ note that "investor appetite for ACGB supply remains
strong. This will likely bring forward the syndication of the new 10y-12y line.
We expect a new November 2031 line. We've estimated that the current economic
shock will result in an additional AUD70bn of new money semi issuance by
mid-2021. This increase will be largest for NSWTC and TCV. Repo/OIS has widened
a touch, but remains tight. The RBA has taken a more flexible approach to its
open market operations (OMOs) as banks have been able to step up their provision
of liquidity. The potential impact on Bills/Libor from superannuation funds
preparing for larger redemptions will likely be offset by Australian banks
pulling back from the USD commercial paper market. 1m and 3m BBSW have both set
below 10bp. This suggest that money market investors faced with depositing cash
at 0% rates still have an appetite for relatively liquid NCDs."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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