The latest round of ACGB Nov-28 supply passes smoothly, with the weighted average yield printing 1.12bp through prevailing mids (per Yieldbroker), while the cover ratio printed comfortably above the 2.50x level. The recent outright cheapening likely resulted in a baseline level of demand, although the lack of interest in ACGBs on the part of most offshore investors likely limited the cover ratio, as we suggested would be the case pre-auction.
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