Free Trial

ACGB Nov-32 Passes Smoothly, Not Strongly


The latest round of ACGB Nov-32 supply sees smooth enough passage, with the weighted average yield pricing 0.53bp through prevailing mids (per Yieldbroker), while the cover ratio comfortably topped 2.50x. Still, the auction was by no means strong, with the headwinds that we flagged pre-auction (uncertainty re: terminal rates at major global central banks, flatness of the curve and richeness of Aussie 10s vs. U.S. 10s) partially offsetting the enticement provided by outright yield levels and some sense of micro-RV on the curve. No immediate reaction in XM futures and ACGB Nov-32 post-supply, with some cheapening already in play pre-auction.

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

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.