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ACGB Jun-35 Auction Shows Tepid Demand Metrics

AUSSIE BONDS

Today’s auction demonstrated relatively tepid pricing for ACGBs, with the weighted average yield coming in 0.36bps below the prevailing mid-yields, according to Yieldbroker. The cover ratio was a modest 2.2125x versus 2.925x in May and 2.8438x in March.

  • As highlighted in our preview, today's bid may be affected by a relatively low outright yield, 15-20bps lower than the May 15 auction and about 80bps below the cycle high of 5.01%.
  • Additionally, today's auction encountered the flattest 3/10 cash curve since September last year.
  • Despite these challenges, improved sentiment towards longer-dated global bonds and the inclusion in the XM basket likely supported the bid.
  • Post-auction, both the cash line and XM are cheaper.
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