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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 0.23bps through prevailing mids, according to Yieldbroker. However, the cover ratio at 2.5333x was lower than the 3.3143x seen at the July auction.

  • As highlighted in our preview, bidding at today’s auction was likely influenced by several factors. A steeper 3/10 yield curve, Q2’s lower-than-expected core CPI and the line’s inclusion in the XM basket were likely positives for demand.
  • Improved sentiment towards longer-dated global bonds also likely provided support.
  • However, the bid seemed to have been impacted by an outright yield that was 35bps lower than the early July auction level, 95bps lower than the November high, and currently near the lowest level of the past 12 months.
  • In post-auction dealings, the ACGB May-34 cash trade is ~1bp cheaper, with XM slightly lower.
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