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ACGB Supply Easily Absorbed

AUSSIE BONDS

Average yields at the ACGB May 2032 auction priced ~0.4bp through prevailing mids at the time of auction (based on BBG pricing), with the cover ratio firming to 4.4424x, despite the uptick in auction size. We have run through the auction supportive factors on numerous occasions in recent times and also touched on some key supportive matters ahead of our auction preview. Space still holds to narrow ranges, with YM unchanged and XM +1.0.

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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