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ACGB Sep-26 Supply Goes Smoothly

AUSSIE BONDS

The latest round of ACGB Sep-26 supply went well, with the weighted average yield printing 0.60bp through prevailing mids (per Yieldbroker). The cover ratio improved to 3.21x from the previous auction’s 2.66x, returning above the 3.00x mark, but remaining far below the prior six-auction average of 4.03x.

  • The ongoing stabilisation in ACGBs away from cycle cheaps likely contributed to smooth takedown at today’s auction, with the inclusion of the bond in the YMZ2 futures basket (which boosts its hedgeability) likely providing a positive factor for demand at the auction.

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