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ACGB Nov-29 Supply Goes Well

AUSSIE BONDS

It would seem that relative value on the curve and the infrequency of issuance of ACGB Nov-29 combined to provide strong demand at today’s auction, with the cover ratio printing above 4.00x, while pricing was 0.77bp through prevailing mids (per Yieldbroker). The stabilisation away from cycle cheaps and moderation in market pricing re: RBA tightening would have helped, but this auction was firmer than we expected.

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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