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AUCTION PREVIEW: ACGB Nov-33 Supply Due

AUSSIE BONDS

The Australian Office of Financial Management (AOFM) will today sell A$900mn of the 3.00% 21 November 2033 Bond, issue #TB166. The line was last sold on 28 September 2022 for A$800mn. The sale drew an average yield of 4.1220%, at a high yield of 4.1250% and was covered 2.8062x. There were 45 bidders, 22 of which were successful and 14 were allocated in full. Amount allotted at highest yield as percentage of amount bid at that yield was 73.4%.

  • The recent stabilisation in core global FI markets, lower than expected U.S. inflation data and a moderation in RBA terminal rate expectations should combine to result in smooth digestion of the auction.
  • Most desks point to some light richness in the line vs. surrounding issues, although the smooth digestion of last week’ syndication (this is the ACGB that is one line shorter, in maturity terms, than last week’s freshly syndicated ACGB May-34) and a need to build the line up to size (it was only launched back in April and has A$17.6bn outstanding, before this auction) will have likely facilitated today’s tap, as the AOFM returns to its usual issuance patterns post-syndication.
  • Results due at 0000GMT/1100AEDT.
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The Australian Office of Financial Management (AOFM) will today sell A$900mn of the 3.00% 21 November 2033 Bond, issue #TB166. The line was last sold on 28 September 2022 for A$800mn. The sale drew an average yield of 4.1220%, at a high yield of 4.1250% and was covered 2.8062x. There were 45 bidders, 22 of which were successful and 14 were allocated in full. Amount allotted at highest yield as percentage of amount bid at that yield was 73.4%.

  • The recent stabilisation in core global FI markets, lower than expected U.S. inflation data and a moderation in RBA terminal rate expectations should combine to result in smooth digestion of the auction.
  • Most desks point to some light richness in the line vs. surrounding issues, although the smooth digestion of last week’ syndication (this is the ACGB that is one line shorter, in maturity terms, than last week’s freshly syndicated ACGB May-34) and a need to build the line up to size (it was only launched back in April and has A$17.6bn outstanding, before this auction) will have likely facilitated today’s tap, as the AOFM returns to its usual issuance patterns post-syndication.
  • Results due at 0000GMT/1100AEDT.