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Smooth ACGB Nov-32 Supply

AUSSIE BONDS

A solid enough round of ACGB Nov-32 supply saw the average yield price 0.94bp through prevailing mids while the cover ratio improved to 2.71x, above the previous auction’s 2.44x print, and just below the six-auction average of 2.79x.

  • As flagged in our preview, the hedgeability of the line due to its status as a 10-Year futures basket bond likely aided the digestion, with the cheapening in 10s since the previous auction providing another positive factor for demand.
  • Headwinds surrounding the continued sidelining of international investors amidst uncertainty re: the degree of tightening that will be deployed by the RBA in the current cycle likely limited the overall cover ratio.
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