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ACGB Jun-31 Auction Goes Smoothly

AUSSIE BONDS
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Today’s auction demonstrated strong pricing for ACGBs, with the weighted average yield coming in 1.2bps below the prevailing mid-yields, according to Yieldbroker. The cover ratio was robust at 3.1833x.

  • Given the significant time elapsed since the last issuance of the Jun-31 bond line on May 27, 2022, any comparison to the previous auction results and outright yield levels lacks relevance.
  • Despite potential negative factors, including the flatness of the yield curve, the line’s exclusion from the XM basket, waning positive sentiment towards longer-dated global bonds, and the timing of the auction ahead of today’s CPI release, the auction’s outcome was positive.
  • Post-auction, the ACGB May 2034 cash trade and XM showed little change.
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Today’s auction demonstrated strong pricing for ACGBs, with the weighted average yield coming in 1.2bps below the prevailing mid-yields, according to Yieldbroker. The cover ratio was robust at 3.1833x.

  • Given the significant time elapsed since the last issuance of the Jun-31 bond line on May 27, 2022, any comparison to the previous auction results and outright yield levels lacks relevance.
  • Despite potential negative factors, including the flatness of the yield curve, the line’s exclusion from the XM basket, waning positive sentiment towards longer-dated global bonds, and the timing of the auction ahead of today’s CPI release, the auction’s outcome was positive.
  • Post-auction, the ACGB May 2034 cash trade and XM showed little change.