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ACGB Apr-24 Supply Prices Extremely Well, Cover A Little Sub-Standard

AUSSIE BONDS

The latest ACGB Apr-24 auction saw extremely firm pricing, with the weighted average yield printing 3.1bp through prevailing mids (per Yieldbroker), while the cover ratio was on the softer side, printing below 2.50x. Would-be bidders were perhaps deterred by the ongoing market volatility, although demand was still more than ample to facilitate smooth digestion. Still, the very firm pricing more than negated the cover ratio dynamic, with those that were seeking access to the line willing to pay up given impaired liquidity stemming from the RBA’s YCT scheme.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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