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Looking Through That Lockdown Feeling

AUSSIE BONDS

News that Sydney's lockdown has been extended through the end of September, with tighter restrictions imposed (including compulsory mask wearing and limited exercise across some areas of the city) has had little impact on the space. YM +0.5, XM +1.0. The latest round of ACGB Apr '25 supply saw a very strong cover of over 8.0x (note the DV01 & notional amount on offer was very limited), although the pricing wasn't particularly aggressive through prevailing mids (0.26bp) given the recent richening which has resulted in multi-month lows in yield terms.

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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