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ACGB Dec-34 Supply Digested Well More 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 0.65bp through prevailing mids (per Yieldbroker), with a strong increase in the cover ratio to 4.2250x from 3.1763x at the 17 January auction.
  • The lower number of successful and allocated in full bidders also suggested a solid level of demand by a certain group of investors.
  • Today's strong bidding came despite an outright yield similar to the January 17 auction and a 3/10 yield curve 15bps flatter than the prior outing. The curve marked its flattest level since September last year.
  • The ACGB Dec-34 cash line and the XM futures contract are little changed in post-auction dealings.
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