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AUSSIE BONDS: ACGB Dec-34 Supply Absorbed But Less Demand

AUSSIE BONDS
BulletAPACFixed Income BulletsAustraliaMarkets

Expectations of sustained strong pricing at auctions proved accurate, with the latest round of ACGB Dec-34 supply seeing the weighted average yield print 0.49bp through prevailing mids (per Yieldbroker).

  • However, as flagged in our auction preview, a lower outright yield and flatter curve did appear dampen the overall strength of bidding today, with the cover ratio decreasing to 2.8375x from 3.2125x previously.
  • The deterioration in sentiment towards global bonds over recent months also likely weighed.
  • The ACGB Dec-34 cash line and the XM futures contract are slightly richer in post-auction dealings. 
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Expectations of sustained strong pricing at auctions proved accurate, with the latest round of ACGB Dec-34 supply seeing the weighted average yield print 0.49bp through prevailing mids (per Yieldbroker).

  • However, as flagged in our auction preview, a lower outright yield and flatter curve did appear dampen the overall strength of bidding today, with the cover ratio decreasing to 2.8375x from 3.2125x previously.
  • The deterioration in sentiment towards global bonds over recent months also likely weighed.
  • The ACGB Dec-34 cash line and the XM futures contract are slightly richer in post-auction dealings.