YM -1.0 & XM -0.5 at typing, with a....>

AUSSIE BONDS: YM -1.0 & XM -0.5 at typing, with a market contact noting that the

ongoing receive side pressure in AUD 5y5y and 10yrs continues, with outright

flattening interest also observed.

- Market has shrugged off Fitch's revision of Australia's sovereign credit

outlook to negative from stable, as it affirmed its AAA rating. Fitch noted that

the "negative outlook reflected the significant impact the global coronavirus

pandemic has on Australia's economy and public finances. Growth will fall

sharply in 2020 and government spending in response to the health and economic

crisis will cause large fiscal deficits and a sharp increase in government

debt/GDP."

- Bills sit unchanged to -1 through the reds.

- On the cash flow front, today will see $A3.75bn of Notes mature.

- A$2.0bn worth of ACGB '24 supply headlines the local slate today, with the

AOFM also set to release its latest weekly issuance schedule.