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ACGB Apr-37 Supply Probably A Little Softer Than Expected


The latest round of ACGB Apr-37 supply sees the weighted average yield print 0.51bp through prevailing mids (per Yieldbroker), while the cover ratio comes in comfortably below the 2.50x benchmark. The auction was probably a bit softer than we expected on the whole, with the previously outlined lack of clear micro relative value, flatness of the 5-/15- & 10-/15-Year yield curves and Monday timing of supply (the most illiquid time of the global trading week) the major negatives that we would point to. No immediate reaction in cash trade in the wake of the auction.

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

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