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ACGB May-34 Auction Goes Smoothly But Less Demand Present

AUSSIE BONDS

Expectations of sustained strong pricing at today's auction proved accurate, as the weighted average yield printed 0.47bps through prevailing mids, according to Yieldbroker. However, the cover ratio decreased to 3.3143x from 3.9813x at the May auction.

  • As highlighted in our preview, factors such as a lower outright yield, a flatter curve, the RBA's relatively hawkish stance at the June meeting, and May’s higher-than-expected CPI likely contributed to the reduced bid at today’s auction.
  • On the positive side, the line’s inclusion in the XM basket and improved sentiment towards longer-dated global bonds likely provided support.
  • In post-auction dealings, the ACGB May-34 cash trade is 0.5bps richer, with XM remaining largely unchanged.
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