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Westpac note that "for all maturities beyond 2 years, average monthly turnover in 2021 has been larger than previous years, especially in the 2- to 5-Year and 5- to 9-Year maturity buckets. That is not unexpected given that there is such large supply and that is where the RBA is buying bonds. The other interesting point is the large growth in the Asia (ex-Japan) component and the UK component, both of which are now larger than domestic real money. While we are reticent to read too much into turnover stats, given that we know the first quarter of the year saw significant offshore selling, this offshore growth is not in our view a negative. Quite the contrary, it shows that Australia remains on the radar for global yield seeking demand in our view."

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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