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ACGB Dec-34 Supply Digested But Less Demand Seen

AUSSIE BONDS

Expectations of sustained strong pricing at auctions proved accurate, as the possible negative factors mentioned in our auction preview did not significantly hamper the overall strength of bidding.

  • The latest round of ACGB Dec-34 supply saw the weighted average yield print 1.01bp through prevailing mids (per Yieldbroker). However, the cover ratio moved lower to 3.3750x from 4.2014x at the 9 September auction.
  • The substantial drop in the number of overall and successful bidders also suggested a tapering in demand.
  • Today's bidding appears to have been supported by a higher outright yield and a steeper yield curve than the 9 September auction. That said, it is important to note that the outright yield was around 50bps lower, and the curve was 20bps flatter than their respective early November highs.
  • A sanguine view towards the RBA's policy outlook and the line’s inclusion in the XM basket also likely influenced the level of demand.
  • There has been no significant movement observed in the ACGB Dec-34 cash line or the XM futures contract following the auction.
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