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ACGB Apr-33 Supply Goes Smoothly, Stronger Demand Seen

AUSSIE BONDS

The latest round of ACGB Apr-33 supply proceeded smoothly with pricing through mids (weighted average yield was 0.89bp through prevailing mids, per Yieldbroker).

  • Moreover, the auction had a cover ratio of 3.8062x, which was higher than the level of the previous auction (3.700x) held on 27 July 2023, despite the larger size of issuance today (A$700mn previously).
  • As highlighted in the auction preview, a higher outright yield and a steeper curve appear to have been able to offset apprehension in the market regarding RBA terminal rate expectations leading up to next week's RBA policy decision.
  • There has been a 0.5-1bp richening in cash trading of the line after the auction result. XMU3 is little changed post-auction.
  • However, it's worth noting that liquidity could be impacted by the timing of the FOMC decision later today.
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