MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Strong Auction Lends Some Support To 5-Year ACGBs

AUSSIE BONDS

5-Year ACGBs garner some strength, as the market has digested a particularly strong sale of ACGB Apr '26. The bid/cover ratio jumped to 7.50x and the average over the past 20 offerings held above 5.00x, a record streak for Aussie bonds.

  • BBG flagged support from the RBA's QE programme, while CBA pointed to the likelihood that Japanese players are buying back in, in defiance of global inflation fears.
  • Meanwhile, the AOFM released a rather light issuance slate for next week. They are set to offer A$1.5bn of ACGB Apr '33 next Wednesday.
  • Yields trade 0.2-0.7bp higher across the steepened curve, with 5s outperforming after 5-Year yield briefly flirted with negative territory. The long-end of the curve has lifted over the last hour or so, in the wake of the auction.
  • Aussie bond futures have dipped since our latest update, YM trades -1.0 & XM -1.5, both hovering just above session lows.
  • Bills last seen 1-3 ticks lower through the reds.
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