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Free AccessAUCTION PREVIEW: ACGB Apr-37 Supply Due
The Australian Office of Financial Management (AOFM) will today sell A$600mn of the 3.75% 21 April 2037 bond. The line was last sold on 21 February 2024 for A$800mn. The sale drew an average yield of 4.2872%, at a high yield of 4.2900% and was covered 2.7875x. There were 44 bidders, 21 of which were successful and 13 were allocated in full.
- This week's ACGB supply falls at the upper end of the recent weekly issuance range, with the sale of A$900mn of the 2.25% 21 May 2028 bond due on Friday. Based on Budget forecasts, issuance of Treasury Bonds (including Green Treasury Bonds) in 2024-25 is expected to be around $90 billion. In 2023-24, issuance of Treasury Bonds will be around $50 billion.
- Bidding at today’s auction is likely influenced by several factors. The outright yield is approximately 20bps higher than at the February auction but about 60bps lower than the November high.
- Conversely, the 3/10 yield curve is around 15bps flatter than at the February auction and 20bps flatter than the late October high.
- The RBA’s relatively hawkish stance at the June meeting and May’s higher-than-expected CPI may also negatively impact demand. RBA-dated OIS indicates a 44% chance of a 25bp hike in August.
- Additionally, the exclusion of this line from the XM basket and the recent decline in sentiment towards global bonds are noteworthy factors.
- Results are due at 0200 BST / 1100AEST.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.