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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 0.81bp through prevailing mids (per Yieldbroker). However, the cover ratio moved lower again to 3.1763x from 3.3750x at the 22 November auction.
  • The number of overall and successful bidders was however higher suggesting a solid level of demand.
  • Today's bidding came despite an outright yield that was around 20bps lower than the 22 November auction and around 75bps lower than the November high.
  • 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.
  • The ACGB Dec-34 cash line and the XM futures contract are around 1bp cheaper in post-auction dealings.
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