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ACGB Apr-33 Supply Goes Well

AUSSIE BONDS

The latest round of ACGB Apr-33 supply went smoothly, with the weighted average yield pricing 0.72bp through prevailing mids (per Yieldbroker), while the cover ratio improved to 4.11x (vs. the previous print of 2.38x in July).

  • The continued move in ACGBs away from cycle cheaps (with 10s ~30bp cheaper since the last auction as well) likely aided in takedown at today’s auction, with the hedgability of the line (due to its status as a basket bond for current XM futures) providing another positive factor for demand.
  • ACGBs across the curve initially recorded fresh session lows post-supply, but have since recovered. XM futures have similarly nudged lower, with the contract staging a brief show below its overnight base.
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