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AUSSIE BONDS: ACGB Nov-27 Supply Absorbed With Stronger Demand

AUSSIE BONDS
BulletAPACFixed Income BulletsAustraliaMarkets

The latest ACGB Nov-27 auction reflected strong demand, with the weighted average yield printing 1.19bps below prevailing mids, as reported by Yieldbroker. This continues the recent trend of robust pricing at ACGB auctions.

  • The cover ratio also improved, rising to 3.7786x from 3.5429x at the previous auction, signalling stronger competition among bidders.
  • As highlighted in the auction preview, today’s bidding was likely influenced by the 3/10 yield curve, which sits near its steepest level since mid-2022.
  • Despite the outright yield being approximately 10bps lower than the previous auction and 30bps below the November 2024 peak, this did not appear to significantly deter bidder interest.
  • Support for the auction was likely bolstered by the bond’s inclusion in the YM basket, as well as the recent improvement in sentiment toward global bonds following this week’s US CPI data.
  • Additionally, the market’s increasingly optimistic outlook for RBA policy likely played a role in supporting demand.
  • Following the auction, there has been no notable movement in YM futures or the cash line. 
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The latest ACGB Nov-27 auction reflected strong demand, with the weighted average yield printing 1.19bps below prevailing mids, as reported by Yieldbroker. This continues the recent trend of robust pricing at ACGB auctions.

  • The cover ratio also improved, rising to 3.7786x from 3.5429x at the previous auction, signalling stronger competition among bidders.
  • As highlighted in the auction preview, today’s bidding was likely influenced by the 3/10 yield curve, which sits near its steepest level since mid-2022.
  • Despite the outright yield being approximately 10bps lower than the previous auction and 30bps below the November 2024 peak, this did not appear to significantly deter bidder interest.
  • Support for the auction was likely bolstered by the bond’s inclusion in the YM basket, as well as the recent improvement in sentiment toward global bonds following this week’s US CPI data.
  • Additionally, the market’s increasingly optimistic outlook for RBA policy likely played a role in supporting demand.
  • Following the auction, there has been no notable movement in YM futures or the cash line.