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AUCTION PREVIEW: Right In The RBA Sweet Spot?

AUSSIE BONDS

The Australian Office of Financial Management (AOFM) will today sell A$1.5bn of the 2.75% 21 November 2028 Bond, issue #TB152. The line was last sold on 14 August 2020 for A$2.0bn. The sale drew an average yield of 0.8098%, at a high yield of 0.8175% and was covered 4.3825x. There were 49 bidders, 15 of which were successful and 8 were allocated in full. Amount allotted at highest yield as percentage of amount bid at that yield was 15.4%.

  • Focus on the relative attractiveness of this zone of the curve, in addition to the prospect of broader RBA bond purchases covering the 5-10 Year sector, should support demand at auction (as should the more than ample liquidity story that we have become accustomed to).
  • The line hasn't been tapped regularly in recent times, and the DV01 on offer is chunky enough, but the aforementioned supportive conditions should negate any worry surrounding these matters.
  • The recent cheapening of the space also provides some timely concession for the AOFM.
  • Results due at 0000GMT/1100AEDT.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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