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AUSSIE BONDS: ACGB Jun-31 Auction Goes Smoothly With More Demand

AUSSIE BONDS
BulletAPACFixed Income BulletsAustraliaMarkets

Today’s auction reflected solid pricing for ACGBs, with the weighted average yield coming in 0.83bps below prevailing mid-yields, according to Yieldbroker. Moreover, the cover ratio increased to a robust 4.5643x compared to 3.5143x in the previous auction.

  • The strong auction result came despite the bid facing an outright yield nearly 10bps lower than the previous auction and around 40bps below the November 2024 peak of 4.48%.
  • Key supporting factors included the 3s/10s yield curve, which was near its steepest level since mid-2022, and growing market expectations of an RBA easing cycle as early as February, with an 85% probability priced in.
  • Additionally, improving sentiment toward global bonds in recent weeks likely bolstered demand.
  • Post-auction, the cash line and XM have exhibited minimal changes, indicating steady market conditions.
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Today’s auction reflected solid pricing for ACGBs, with the weighted average yield coming in 0.83bps below prevailing mid-yields, according to Yieldbroker. Moreover, the cover ratio increased to a robust 4.5643x compared to 3.5143x in the previous auction.

  • The strong auction result came despite the bid facing an outright yield nearly 10bps lower than the previous auction and around 40bps below the November 2024 peak of 4.48%.
  • Key supporting factors included the 3s/10s yield curve, which was near its steepest level since mid-2022, and growing market expectations of an RBA easing cycle as early as February, with an 85% probability priced in.
  • Additionally, improving sentiment toward global bonds in recent weeks likely bolstered demand.
  • Post-auction, the cash line and XM have exhibited minimal changes, indicating steady market conditions.