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ACGB Nov-24 Auction Well Received

AUSSIE BONDS

The weighted average yield on today's A$1.0bn round of ACGB Nov-24 supply printed 0.49bp through prevailing mids (via Yieldbroker), with the cover ratio more than healthy as it topped 6.00x. While the pricing wasn't quite as aggressive as some of the auctions seen in recent months (maybe a case of the "Monday effect," or maybe owing to the fact that the auction was ahead of Wednesday's CPI release), the broader picture pointed to yet another smooth round of supply, with the wel documented supportive factors and recent steepening of the ACGB Apr-24/Nov-24 micro curve (all of which was flagged pre-supply) likely aiding takedown.

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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