-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
-
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessAUCTION PREVIEW: ACGB Nov-24 Supply Due
The Australian Office of Financial Management (AOFM) will today sell A$1.5bn of the 0.25% 21 November 2024 Bond, issue #TB159. The line was last sold on 19 November 2021 for A$1.0bn. The sale drew an average yield of 0.9588%, at a high yield of 0.9600% and was covered 4.7400x. There were 37 bidders, 7 of which were successful and 3 were allocated in full. Amount allotted at highest yield as percentage of amount bid at that yield was 93.5%.
- The elevated level of borrowing of the line via the RBA’s SLF facility (A$1.839bn) points to the potential for strong pricing at the auction, particularly when we look to the results of Friday’s ACGB Apr-24 supply (which was less heavily borrowed but provided the first tap of the line since ~ Jun ‘20, with the AOFM returning to market to rebuild liquidity after the end of the RBA’s YCT scheme).
- Outright yields sit the best part of ~40bp shy of the recent peak, although still provide a ~65bp pickup vs. levels seen in mid-September.
- ~25bp of steepness in the ACGB Apr-24/Nov-24 yield spread provides a decent pickup, especially for those of a more dovish disposition vs. the broader market view when it comes to the RBA hiking cycle.
- More broadly, AOFM auction cover ratios have generally softened in recent weeks, with impaired market liquidity and global central bank uncertainty at the fore. Nonetheless, the trifecta of international relative appeal, record excess liquidity levels in the domestic banking system and negative RBA-purchase adjusted net supply continue to facilitate the smooth takedown at auction.
- Results due at 0000GMT/1100AEDT.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.