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Latest ACGB Apr-29 Supply Passes Smoothly, Although Demand Capped

AUSSIE BONDS

The latest round of ACGB Apr-29 supply comes in largely as expected, pricing comfortably through mids (weighted average yield was 1.66bp through prevailing mids, per Yieldbroker), aided by the lower AOFM supply run rate we identified pre-auction, which will have promoted paying up for those that were particularly keen to access the bond. Still, the cover ratio was below the 2.50x marker, likely limited by the richness of the belly vs. the likes of 2s and 10s (on fly structures), along with the recent richening of ACGBs in general.

  • No real movement seen in cash trading of the line post-auction.
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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