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ACGB Dec-34 Supply Goes Well

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 sees the recent run of strong pricing at ACGB auctions continue with the weighted average yield printing 1.03bp through prevailing mids (per Yieldbroker). The cover ratio moved higher to 3.8186x from 3.6250x at the May auction.
  • Today's bidding was likely influenced by several factors, including a substantially higher outright yield compared to the previous offering, a low level of issuance, and the line's hedgability as it is included in the XMM3 basket. These factors collectively contributed to the strong bidding seen today.
  • The small number of successful bidders also showed some investors were willing to pay up to access the line.
  • There has been no significant movement observed in the ACGB-34 cash trade and XM futures following the auction.
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