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ACGB-47 Supply Goes Very Well

AUSSIE BONDS

Today’s ACGB Mar-47 supply was absorbed smoothly, with the weighted average yield printing 2.22bp through prevailing mids (per Yieldbroker). The cover ratio came in at 2.46x, above the previous auction result of 2.09x, although the low frequency at which the line is issued (last auction in Dec ‘19) may limit the usefulness of comparisons to past auction results.

  • The easily-digestible DV01 and previously-flagged inversion in the ACGB Mar-47/Jun-51 spread likely contributed to today’s smooth auction, adding to tailwinds from the broader stabilisation in Aussie bonds from outright cycle cheaps.
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