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NAB See ACGB '51 Guidance As A Little Cheap Vs. Fair Value

AUSSIE BONDS

NAB have noted that "the 1.75% 21 June 2051 bond has an initial price
guidance of 98-105bp over the bid yield of the 10Y ACGB futures. Our
revised estimate of fair value sits just below the tight end of this range at
a bid EFP of 97bp, or +65bp to 30Y UST."

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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