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AUSSIE BONDS: ACGB Jun-35 Supply Faces A Higher Yield & Steeper Curve

AUSSIE BONDS
BulletAPACFixed Income BulletsAustraliaMarkets

Bidding at today’s A$800mn of the 2.75% 21 June 2035 bond, issue #TB145 is likely to be shaped by several key factors: 

  • The current yield for this bond is approximately 10bps higher than at the previous auction, which may bolster demand. Notably, the yield remains about 45bps below the cycle high of 5.01%, recorded in early November 2023.
  • Sentiment toward longer-dated global bonds has improved over recent weeks, as reflected in the U.S. 10-year Treasury yield, which is currently 25bps below its recent highs.
  • The 3s/10s yield curve is approximately 5bps steeper than at the previous auction and near its steepest level since November 2023.
  • Additionally, the inclusion of the Jun-35 line in the XM basket may lend further support to demand.
  • Results are due at 0000 GMT / 1100AEST.
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Bidding at today’s A$800mn of the 2.75% 21 June 2035 bond, issue #TB145 is likely to be shaped by several key factors: 

  • The current yield for this bond is approximately 10bps higher than at the previous auction, which may bolster demand. Notably, the yield remains about 45bps below the cycle high of 5.01%, recorded in early November 2023.
  • Sentiment toward longer-dated global bonds has improved over recent weeks, as reflected in the U.S. 10-year Treasury yield, which is currently 25bps below its recent highs.
  • The 3s/10s yield curve is approximately 5bps steeper than at the previous auction and near its steepest level since November 2023.
  • Additionally, the inclusion of the Jun-35 line in the XM basket may lend further support to demand.
  • Results are due at 0000 GMT / 1100AEST.