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Following The Broader Flow

AUSSIE BONDS

Little to really flag for the space, outside of the latest round of ACGB Dec '30 supply. It looks like the recent cheapening was outweighed by worries re: further extension of the reflation dynamic, which may have kept some participants at bay as the cover ratio printed at (a still healthy) ~4.00x, although the average yield still printed comfortably through mids at the time of supply. Elsewhere, it seems to have been a case of following the broader gyrations in the U.S. Tsy market, with YM -2.0 and XM -7.5, as the latter recovers from worst levels of the day alongside U.S. paper.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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