- Investors sought nearly five times the A$1 billion of April 2029 notes on offer at the Friday auction, according to Australian Office of Financial Management data.
- The bid-to-cover ratio for the bond reached its highest level since October 2018, the data show.
- Traders are betting the Reserve Bank of Australia is nearing the end of its interest-rate hike cycle.
Quotes
“The bid-to-cover ratio for the bond, a key measure of investor demand, reached its highest level since October 2018, the data show.”