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AUSSIE BONDS: ACGB Nov-27 Supply Absorbed But Cover Ratio Collapses

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

The latest round of ACGB Nov-27 supply sees the weighted average yield print 1.19bps through prevailing mids (per Yieldbroker), extending the recent trend of firm pricing at ACGB auctions.

  • However, the cover ratio declined sharply to 2.8700x from 4.3929x, as seen at the July 2024 auction.
  • As highlighted in the preview, today’s auction bidding was likely influenced by an outright yield that was around 50bps lower than the mid-July auction and around 100bps lower than the November 2023 high. However, improved sentiment towards global bonds likely provided support.
  • There has been a weakening in YM futures and the cash line in post-supply dealings. As it currently stands, the cash line is now higher than pre-auction levels.  
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The latest round of ACGB Nov-27 supply sees the weighted average yield print 1.19bps through prevailing mids (per Yieldbroker), extending the recent trend of firm pricing at ACGB auctions.

  • However, the cover ratio declined sharply to 2.8700x from 4.3929x, as seen at the July 2024 auction.
  • As highlighted in the preview, today’s auction bidding was likely influenced by an outright yield that was around 50bps lower than the mid-July auction and around 100bps lower than the November 2023 high. However, improved sentiment towards global bonds likely provided support.
  • There has been a weakening in YM futures and the cash line in post-supply dealings. As it currently stands, the cash line is now higher than pre-auction levels.