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Apr-27 Supply Goes Well

AUSSIE BONDS

The latest round of ACGB Apr-27 supply comes as expected pricing comfortably through mids (weighted average yield was 1.87bps through prevailing mids, per Yieldbroker).

  • The cover ratio was also a robust 3.8375x compared to the 3.3687x for the recent auction of the Nov-28 line.
  • Drawing comparisons with the previous auction of the Apr-27 bond might be deemed irrelevant, considering it took place back in October 2022.
  • As highlighted in the MNI Auction Preview, there was an anticipation that today's auction would uphold the recent trend of strong pricing seen in ACGB auctions.
  • This expectation is grounded in several factors: the line's inclusion in the YM basket, its outright yield comfortably remaining within the range observed throughout the year, and a positive outlook toward the RBA's policy trajectory, particularly following the removal of the explicit tightening bias at the March meeting.
  • YMM4 and the Apr-27 line are little changed in post-auction trading.
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