-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessUS$ Credit Supply Pipeline
MNI Credit Weekly; Some Tricks, Some Treats
AUCTION PREVIEW: ACGB Nov-27 Supply Due
The Australian Office of Financial Management (AOFM) will today sell A$1.0bn of the 2.75% 21 November 2027 Bond, issue #TB148. The line was last sold on 3 September 2021 for A$1.0bn. The sale drew an average yield of 0.7875%, at a high yield of 0.7875% and was covered 5.6750x. There were 57 bidders, 11 of which were successful and 1 were allocated in full. Amount allotted at highest yield as percentage of amount bid at that yield was 66.3%.
- The light ACGB issuance schedule evident this week is of course supportive for demand, although continued volatility and inflation worry, coupled with Thursday’s resumption of core FI market weakness may limit overall bidding at the auction. Still, most desks seem to be confident that we will get a result that is comfortably through mids (as has been the norm in the post-QE world), given the limited AOFM issuance that will be on offer during the remainder of the current FY and diminished market liquidity, which may force those looking for access to the line to pay up.
- Outright yields on the line sit virtually at cycle highs ahead of the supply, although continued market vol. negates some of the attractiveness in yield terms.
- Indeed, sell-side desks point to a general worry on the part of offshore participants when it comes to vol. in the ACGB space, which is dissuading many from stepping into ACGB longs, even in the wake of the recent cheapening. The hiking cycle that the RBA has embarked on continues to provide many questions, with a defined stabilising factor for yields not forthcoming at present.
- On the curve, the 2-/5-/10-Year fly as moved away from YtD highs registered in late March, purely driven by flattening on the 2-/5-Year leg of the structure (RBA preicng-related). This means that there isn’t much in the way of pure relative value appeal on this front. Note that market pricing surrounding the RBA continues to look extreme, although the lack of a clear trigger point for a reversal e.g. an elongated run of soft data/wider economic growth worry, and the fact that the RBA has only just embarked on its tightening cycle means that many will stay sidelined when it comes to steepner plays, particularly after if they are still smarting by trading fade the recent cheapening/payside flows
- Results due at 0200BST/1100AEST.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.