YM & XM both sit -0.5 tick vs..........>

AUSSIE BONDS: YM & XM both sit -0.5 tick vs. respective settlement levels, after

the latter recovered from worst levels in SYCOM trade. As a reminder, the

backend of last week's saw focus initially fall on the AOFM's latest issuance

plan, before attention moved to the fiscal dynamic surrounding clerical errors

evident on the behalf of businesses inputting data into their requirements into

the government's JobKeeper scheme, which resulted in a A$60bn over-projection in

terms of fiscal spending requirements. This triggered various sell-side

recommendations re: ACGB curve flattening expressions and EFP wideners.

- Weekend news flow focused on the political fallout of the JobKeeper errors, in

addition to the continued, gradual rollback of COVID-19 restrictions in NSW and

Victoria.

- Elsewhere, a weekend interview saw U.S. Secretary of State Pompeo warn that

the U.S. could "simply disconnect" from Australia if Victoria's trade deal with

Beijing affects U.S. telecommunications.

- A slow start to the week, with A$2.0bn worth of ACGB 2.25% 21 Nov 2022 supply

headlining the local docket.