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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 weighted average yield print 0.8bp through prevailing mids (per Yieldbroker). The cover ratio moved higher to 4.2014x from 3.5187x at the 17 July auction.
  • Today's bidding was likely influenced by several factors, including a more sanguine view towards the RBA's policy outlook, a higher outright yield, a steeper yield curve and the line’s inclusion in the XM basket.
  • The large number of overall and successful bidders highlights the strength of the 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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