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ACGB Apr-29 Supply Goes Well Enough

AUSSIE BONDS

The latest round of ACGB Apr-29 supply went well on the pricing side, with the weighted average yield pricing 1.11bp through prevailing mids (per Yieldbroker). The cover ratio came in at 2.93x, which isn’t extraordinary, but points to solid enough demand.

  • As flagged in our auction preview, demand for the access to the line was apparent pre-auction as it is borrowed via the RBA’s SLF (albeit only to a limited degree).
  • On the other hand, the marginal richness of the line vs. slightly shorter-dated paper which falls into the 5-Year futures basket may have capped demand at today’s auction, adding to headwinds from the continued sidelining of international participants amidst lingering uncertainty re: the degree of tightening that will be deployed by the RBA in the current cycle.
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