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Supply Absorbed

AUSSIE BONDS

Curve a shade flatter vs. early Sydney levels, with YM unchanged and XM +1.5. Local retail sales data had little in the way of impact on the space, while the latest round of ACGB Nov '25 supply was better received than the '31 offering seen earlier this week (likely owing to a much more digestible DV01). The average yield of the auction stopped through prevailing mids by ~0.5bp (per BBG pricing), with the cover ratio slipping at the margin but still operating near the 6.00x area. The weekly AOFM issuance slate will be released at the top of the hour.

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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