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ACGB Apr-26 Supply Goes Well


ACGB Apr-26 supply goes well, with outright yield levels promoting smooth takedown of the auction, as the weighted average yield printed 2bp through prevailing mids (per YieldBroker) and the cover ratio comfortably topping 4.00x. Ahead of the auction we also flagged the infrequency of taps of the line (the previous tap came in Mar ’22) alongside clear demand for access to the bond via the RBA’s SLF as supportive factors. This seemed to ring true.

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

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