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AUSSIE BONDS: ACGB Dec-34 Supply Well Absorbed

AUSSIE BONDS
BulletAPACFixed Income BulletsAustraliaMarkets

Expectations of strong pricing at auctions were confirmed, with the latest ACGB Dec-34 supply achieving a weighted average yield that printed 0.70bp through prevailing mids (per Yieldbroker). The cover ratio also improved, rising to 2.8875x from 2.8375x.

  • As highlighted in our auction preview, several factors likely supported today’s strong demand: a higher outright yield; a steeper curve; and the bond's inclusion in the XM basket.
  • The deterioration in sentiment towards global bonds over recent months, however, likely weighed.
  • The ACGB Dec-34 cash line and the XM futures contract are little changed in post-auction dealings. 
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Expectations of strong pricing at auctions were confirmed, with the latest ACGB Dec-34 supply achieving a weighted average yield that printed 0.70bp through prevailing mids (per Yieldbroker). The cover ratio also improved, rising to 2.8875x from 2.8375x.

  • As highlighted in our auction preview, several factors likely supported today’s strong demand: a higher outright yield; a steeper curve; and the bond's inclusion in the XM basket.
  • The deterioration in sentiment towards global bonds over recent months, however, likely weighed.
  • The ACGB Dec-34 cash line and the XM futures contract are little changed in post-auction dealings.