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ACGB Nov-32 Supply Goes Well Enough; Cover Dips

AUSSIE BONDS

The latest round of ACGB Nov-32 supply went smoothly, with the average yield pricing 1.15bp through prevailing mids. The cover ratio however printed 2.44x, below the six-auction average of 2.95x.

  • The recent move away from cycle cheaps in global core FI markets and yesterday’s RBA decision likely promoted firm pricing, with the cheapness vs. the nearby benchmark 10-Year ACGB May-32 likely helping digestion.
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The latest round of ACGB Nov-32 supply went smoothly, with the average yield pricing 1.15bp through prevailing mids. The cover ratio however printed 2.44x, below the six-auction average of 2.95x.

  • The recent move away from cycle cheaps in global core FI markets and yesterday’s RBA decision likely promoted firm pricing, with the cheapness vs. the nearby benchmark 10-Year ACGB May-32 likely helping digestion.