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ACGB Apr-33 Supply Goes Smoothly, Less Demand Seen

AUSSIE BONDS

The latest round of ACGB Apr-33 supply proceeded smoothly with pricing through mids (weighted average yield was 0.90bp through prevailing mids, per Yieldbroker).

  • However, the auction had a cover ratio of 3.1063x, which was lower than the level of the previous auction (3.8062x) held on 1 November 2023.
  • As highlighted in the auction preview, a sanguine view towards the RBA's policy outlook was likely to positively influence the bid at today’s auction.
  • Nevertheless, an outright yield standing 90bps lower than that observed at the previous auction of this bond was always likely to generate less demand.
  • There has been a 0.5bp richening in cash trading of the line after the auction result. XMU3 is little changed post-auction.
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