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ACGB Jun-39 Sees Soft Cover, Although Pricing Is Firm

AUSSIE BONDS

The latest ACGB Jun-39 auction provides comfortable pricing through mids (with the weighted average yield 0.81bp through prevailing mids at the time of auction, per Yieldbroker), although the cover ratio was on the soft side, printing comfortably below the 2.50x mark. While dealer liaison may have unearthed some demand, it would seem that the flatness of the curve and prevailing vol. in markets (as well as the early Monday timing of the auction) may have deterred some prospective bidders. Still, those who were willing to add to their exposure re: the line were seemingly willing to pay up.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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