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Aggressive Bidding Sen At ACGB Nov '25  Auction

AUSSIE BONDS

A firm round of ACGB Nov '25 supply there, likely driven by the supportive matters we identified pre-auction (with the outright richness discounted), as the weighted average yield prints 0.97bp through prevailing mids (per Yieldbroker). The reduced auction size (A$700mn) provided artificial support for the cover ratio (would have been around 4.6x if auction size was consistent with the previous auction, all else equal).

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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