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ACGB Jun-51 Supply Passes Smoothly, Although Cover Ratio Limited By Vol.


The latest ACGB Jun-51 auction passes smoothly enough, with the weighted average yield pricing 0.68bp through prevailing mids (per Yieldbroker), although the cover ratio was comfortably shy of the 3.00x mark (albeit well above the cover witnessed at the previous auction of the line, which was for the same notional amount). Dealer liaison may have been the driving force behind this atypical tap, as flagged in our preview, but the prevailing level of market volatility likely prevented strong demand, limiting the cover.

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

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