Syndication Announcement Sees XM Unwind Gains

YM last printing at unchanged levels, while XM has given back its overnight gains in the wake of the AOFM announcement re: the syndication of the new ACGB Nov '32, also trading at unchanged levels at typing.

• As a reminder, some had suggested that the syndication may be delayed until FY21/22, given the government's better than expected fiscal standing, while others had suggested that April provided the best issuance window for the syndication in the remainder of the current FY.
• Elsewhere, the pricing witnessed at the latest round of ACGB Nov '25 supply was particularly firm, with the weighted average yield printing a little over 1.1bp through prevailing mids at the time of supply (supportive factors were outlined in our auction preview), although the cover ratio wasn't quite as aggressive as what was seen at the previous auction of the line (even when auction size is adjusted for).