Mixed Auction Results, No Follow Through In Markets

The pricing side of the latest round of ACGB Apr '27 supply was firm enough, with the weighted average yield printing 0.94bp through prevailing mids at the time of supply (per Yieldbroker pricing), although the cover ratio wasn't anywhere near as firm, printing just above 2.00x. Participants were perhaps a little wary in the wake of the recent richening and may have one eye on the RBA's July's decision, which may have kept overall bidding subdued (also resulting in a slightly wider high to average yield differential this time out). Nothing in the way of notable reaction in the space to the auction, YM -2.0, XM -6.0.