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AUCTION PREVIEW: ACGB Mar-47 Supply Due

AUSSIE BONDS

The Australian Office of Financial Management (AOFM) will today sell A$300mn of the 3.00% 21 March 2047 Bond, issue #TB150. The line was last sold on 28 November 2022 for A$300mn. The sale drew an average yield of 4.0018%, at a high yield of 4.0075% and was covered 2.9967x. There were 53 bidders, 28 of which were successful and 21 were allocated in full. Amount allotted at the highest yield as a percentage of amount bid at that yield was 41.2%.

  • The recent outright cheapening should promote smooth takedown of the auction.
  • However, the combination of the timing of the auction (the most illiquid time of the week for global financial markets), continued uncertainty re: terminal rates of the current hiking cycles at the world’s major global central bank (including that of the RBA) and flatness of the broader curve (albeit comfortably off of cycle flats) could cap the cover ratio to some degree.
  • Results due at 0000GMT/1100 AEDT.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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