Market stabilisation, a digestible DV01, as well as the recent demand for access the line as seen in the RBA’s SLF mechanism in recent days and the relative rarity when it comes to taps of the line seemed to have combined to result in a well-received round of ACGB Apr-27 supply. The weighted average yield printed 1.22bp through prevailing mids (per Yieldbroker), with the cover ratio comfortably above 3.00x (very solid in post-QE times).
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