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Well-Received ACGB Apr '33 Auction

AUSSIE BONDS

A well-received round of ACGB May '33 supply, with the high coupon and DV01 on offer easily absorbed by the market. The dynamics surrounding relative appeal and expectations for the bond to outperform into XMH2 basket inclusion seemingly outweighed the headwinds touted ahead of supply. The weighted average yield priced 0.61bp through prevailing mids at the time of the supply (per Yieldbroker), with a firm enough cover ratio (note that the previous cover ratio is not comparable owing to the small auction size and time elapsed since the previous auction).

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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