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ACGB May-32 Auction Passes Smoothly

AUSSIE BONDS

The latest round of ACGB May-32 supply passed without hiccups, with the weighted average yield printing 0.93bp through prevailing mids (per Yieldbroker), while the cover ratio improved to 2.82x from the previous auction’s 2.48x.

  • The move in ACGBs away from cycle cheaps and expectations for a slower pace of RBA tightening (after the bank’s monetary policy decision on Tuesday) was likely sufficient to generate a baseline level of demand.
  • On the other hand, the lack of relative value (as flagged in our preview) may have capped cover at today’s auction, with ongoing market volatility and the proximity to the RBNZ’s monetary policy decision providing headwinds to demand as well.
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