AOFM bond tenders

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22 July 2015

 

There were three AOFM tenders last week and the coverage ratios may indicate participants’ view of the future yield curve. Early in the week $900m of the April 2026 were auctioned and the coverage ratio was a fairly subdued 2.2 times. At the end of the week, $800m of the November 2020 line was sold and the coverage ratio was nearly double that of the April 2026. A similar pattern...

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