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XM Just Above Lows After New ACGB May-34 Syndication Prices

AUSSIE BONDS

XMZ2 consolidates just off of session lows after the pricing of A$14.0bn of the new ACGB May-34 via syndication, which was probably a little smaller in size than many expected. Some desks looked for A$15-20bn to be issued ahead of the syndication, which could have easily been filled given the A$42.4bn of orders that were received at the final clearing price. Hedging flows surrounding the syndication have now subsided, and XM futures only saw a modest uptick away from lows after pricing was announced.

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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