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AUSSIE BONDS: AUCTION PREVIEW: ACGB Jun-31 Supply Due

AUSSIE BONDS
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The Australian Office of Financial Management (AOFM) will today sell A$700mn of the 1.50% 21 June 2031. The line was last sold on 24 January 2025 for A$700bn. The last sale drew an average yield of 4.2057%, at a high yield of 4.2075% and was covered 3.5143x. There were 33 bidders, 14 of which were successful and 7 were allocated in full.

  • This week’s ACGB supply was below the recent average weekly issuance level of A$1.5bn. On Monday, A$400mn of the 2.75% 21 May 2041 bond was sold.
  • The latest ACGB May-41 supply auction continued the recent trend of firm pricing, with the weighted average yield printing 0.22bps through prevailing mids. The cover ratio increased to a robust 3.7875x.
  • According to the MYEFO 2024-25 Issuance Program Update from the Australian Office of Financial Management (AOFM), total issuance has been revised to approximately A$95 billion, with A$46.4 billion completed. This includes around A$2 billion in Green Treasury Bond tenders, of which A$600 million has been issued, and A$3 billion in Treasury Indexed Bonds, with A$1.7 billion completed.
  • Results are due at 0000 GMT / 1100 AEST.
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The Australian Office of Financial Management (AOFM) will today sell A$700mn of the 1.50% 21 June 2031. The line was last sold on 24 January 2025 for A$700bn. The last sale drew an average yield of 4.2057%, at a high yield of 4.2075% and was covered 3.5143x. There were 33 bidders, 14 of which were successful and 7 were allocated in full.

  • This week’s ACGB supply was below the recent average weekly issuance level of A$1.5bn. On Monday, A$400mn of the 2.75% 21 May 2041 bond was sold.
  • The latest ACGB May-41 supply auction continued the recent trend of firm pricing, with the weighted average yield printing 0.22bps through prevailing mids. The cover ratio increased to a robust 3.7875x.
  • According to the MYEFO 2024-25 Issuance Program Update from the Australian Office of Financial Management (AOFM), total issuance has been revised to approximately A$95 billion, with A$46.4 billion completed. This includes around A$2 billion in Green Treasury Bond tenders, of which A$600 million has been issued, and A$3 billion in Treasury Indexed Bonds, with A$1.7 billion completed.
  • Results are due at 0000 GMT / 1100 AEST.