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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessAUCTION PREVIEW: ACGB Apr-25 Supply Due
The Australian Office of Financial Management (AOFM) will today sell A$700mn of the 3.25% 21 April 2025 Bond, issue #TB139. The line was last sold on 21 October 2022 for A$700mn. The sale drew an average yield of 3.6070%, at a high yield of 3.6100% and was covered 3.8500x. There were 46 bidders, 13 of which were successful and 8 were allocated in full. Amount allotted at highest yield as percentage of amount bid at that yield was 40.7%.
- The more than palatable DV01 on offer at today’s auction (A$160K), coupled with the stabilisation away from cycle cheaps in recent weeks, should result in smooth takedown of the auction, even with less of an outright yield attraction evident vs. a few short weeks ago.
- The flatness of the curve and a moderation in RBA tightening expectations should also help takedown.
- The line is the second most borrowed bond in the RBA’s SLF at present, providing evidence of demand for access to the bond, which should support takedown further.
- Note that the line is no longer the benchmark 3-Year bond and will fall out of the YM futures basket on the roll into the H3 contract.
- All in all, we expect smooth takedown.
- Results due at 0000GMT/1100AEDT.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.