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ACGB Nov-25 Digested Smoothly

AUSSIE BONDS

The latest round of ACGB Nov-25 supply was smoothly absorbed, with the weighted average yield pricing 1.67bp through prevailing mids (per Yieldbroker). The cover ratio declined to 3.04x from the previous auction’s 3.70x print, due in part to the slightly larger amount on offer (A$700mn vs A$500mn prev).

  • As flagged in our preview, the digestible DV01 on offer, flatness of the wider ACGB curve, and the benchmark 3-year status of the line likely contributed to takedown at today’s auction.
  • The recent move in ACGBs away from cycle cheaps as well as the downtick in market pricing for RBA tightening after the bank’s Oct policy meeting may also have provided tailwinds for demand.
  • On the other hand, proximity to U.S. NFPs due later on Friday may have capped cover at today’s auction, along with a lack of true micro-RV appeal.
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