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ACGB Nov-25 Supply Goes Well


A particularly well-received round of ACGB Nov-25 supply sees the weighted average yield price 2.52bp through prevailing mids (per Yieldbroker), with the cover ratio comfortably topping the 7.00x mark. Ahead of the auction we flagged demand for access to the line via the RBA’s SLF and the likely lack of meaningful future issuance of the line (given typical AOFM issuance cycles) as supportive factors for supply. We believe these matters drove the bid. YM futures are unchanged post-auction, while the line is marginally richer in cash trade.

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

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