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Free AccessAUCTION PREVIEW: Nov-32 Indexed Supply Due
The Australian Office of Financial Management (AOFM) will today sell A$100mn of the
0.25% 21 November 2032 Indexed Bond, issue #CAIN416. The line was last sold on 23 August 2022 for A$150mn. The sale drew an average yield of 1.1866%, at a high yield of 1.2000% and was covered 2.5600x. There were 36 bidders, 14 of which were successful, and 11 were allocated in full. The amount allotted at the highest yield as a percentage of the amount bid at that yield was 64.0%.
- 10-Year breakevens now operate around 2.10%, comfortably within the lower half of the RBA’s target band. This comes after the metric peaked at ~2.80% back in May.
- The pullback in breakevens gives a more attractive entry point for those worried that elevated inflation levels will become more embedded.
- The shift higher in market pricing of terminal rates for the major global central banks has been a key driver of the pull lower in breakevens, alongside a fall in global commodity prices and worry surrounding an economic hard landing.
- Ultimately, the ongoing inflationary pressures and pullback in breakevens should facilitate smooth takedown of today’s auction.
- Results are due at 0200BST/1100AEST.
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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.