VIEW: ANZ note that "investor..........>

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."