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ACGB May-34 Auction Goes Smoothly With Slightly More Demand Present

AUSSIE BONDS

Expectations of sustained strong pricing at auctions proved accurate, as the weighted average yield printed 0.87bp through prevailing mids (per Yieldbroker) and the cover ratio moved higher to 3.1125x from 2.9857x at the August auction.

  • The more dovish assessment of the RBA’s policy outlook, combined with a still elevated outright yield, a steeper curve, a low level of issuance, and the line’s inclusion in the XM basket all look to have contributed to today’s bidding.
  • The ACGB May-34 cash trade is 0.5-1.0bp cheaper in post-auction dealings, with XM little changed.
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