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Market sources say high-grade names will step back from the Australian dollar primary market after fears of a hard landing US recession took hold, spurring a wave of volatility across asset classes – despite early signs that the shock may already be retracing.

Key data prints were the focus of market attention as the calendar turned over into August, leaving little bandwidth for new issuance at the start of the week. By 2 August, however, conditions were sufficiently conducive for New South Wales Treasury Corporation to price a substantial 2037 tap and United Overseas Bank Sydney Branch to add to Australian dollar supply from global banks.