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AUCTION PREVIEW: ACGB Jun-54 Supply Due

AUSSIE BONDS
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The Australian Office of Financial Management (AOFM) will today sell A$300mn of the 4.75% 21 June 2054 Treasury Bond. The line was last sold via syndication on 17 October 2023 at a yield to maturity of 4.93%. The issue size was $8bn in face value terms. There was a total of $28.6bn of bids at the final clearing price.

  • Barrenjoey Markets Pty Limited; Commonwealth Bank of Australia; J.P. Morgan Securities Australia Limited; UBS AG, Australia Branch; and Westpac Banking Corporation were Joint-Lead Managers for the previous issue.
  • A sale of A$900mn of the 2.75% 21 November 2028 Treasury Bond is also scheduled for Friday this week. Accordingly, this week's ACGB supply is higher than the A$800mn run rate consistent with the 2023-24 borrowing requirement outlined in the AOFM’s January’24 Issuance Program Update.
  • The bidding at today’s auction is likely to be influenced by several factors. The outright yield is around 35bps lower than the mid-October level but still around 40bps higher than the December low.
  • At around 35bps, the 10/30 yield curve is also sitting in the middle of the range it has traded in since October last year.
  • It is also important to acknowledge that the sentiment towards longer-dated global bonds has on balance improved over the past month.
  • Results are due at 0200 BST / 1100 AEST.
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The Australian Office of Financial Management (AOFM) will today sell A$300mn of the 4.75% 21 June 2054 Treasury Bond. The line was last sold via syndication on 17 October 2023 at a yield to maturity of 4.93%. The issue size was $8bn in face value terms. There was a total of $28.6bn of bids at the final clearing price.

  • Barrenjoey Markets Pty Limited; Commonwealth Bank of Australia; J.P. Morgan Securities Australia Limited; UBS AG, Australia Branch; and Westpac Banking Corporation were Joint-Lead Managers for the previous issue.
  • A sale of A$900mn of the 2.75% 21 November 2028 Treasury Bond is also scheduled for Friday this week. Accordingly, this week's ACGB supply is higher than the A$800mn run rate consistent with the 2023-24 borrowing requirement outlined in the AOFM’s January’24 Issuance Program Update.
  • The bidding at today’s auction is likely to be influenced by several factors. The outright yield is around 35bps lower than the mid-October level but still around 40bps higher than the December low.
  • At around 35bps, the 10/30 yield curve is also sitting in the middle of the range it has traded in since October last year.
  • It is also important to acknowledge that the sentiment towards longer-dated global bonds has on balance improved over the past month.
  • Results are due at 0200 BST / 1100 AEST.