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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: The Australian........>
AUSSIE BONDS: AUCTION PREVIEW: The Australian Office of Financial Management
(AOFM) will today sell A$1.0bn of the 2.25% 21 May 2028 Bond, issue #TB149. The
line was last sold on 18 November 2019 for A$500mn. The sale drew an average
yield of 1.1098%, at a high yield of 1.1100% and was covered 4.3600x. There were
29 bidders, 11 of which were successful and 1 was allocated in full. Amount
allotted at highest yield as percentage of amount bid at that yield was 57.7%.
- A lack of recent tenders (just the 2 in 2019) coupled with the recent dynamics
in the Australian bond space render previous tenders for the line redundant in
terms of comparable inference. More broadly, auctions in the space have of
course been well received in recent times, aided by the RBA's ACGB market
operations and noted jump in liquidity (once again fostered by the RBA).
- The line last yields ~0.77%, 21bp or so off the YtD lows.
- The line's ASW spread sits at elevated levels in terms of recent history.
- Also worth noting that the RBA holds over 11% of the outstanding stock of this
line.
- Results due at 0200BST/1100AEST.
To read the full story
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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.