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AUSSIE BONDS: Smoothly Absorbed With Solid Demand Metrics

AUSSIE BONDS
BulletAPACFixed Income BulletsAustraliaMarkets

The latest round of ACGB Nov-28 supply sees the weighted average yield print 1.53bps through prevailing mids (per Yieldbroker), extending the recent trend of firm pricing at ACGB auctions.

  • However, the cover ratio nudged lower at 4.1214x from 4.5214x.
  • A higher outright yield and a 3/5 yield curve at its steepest since November 2023 appeared to work to support the bid.
  • The recent deterioration in sentiment towards global bonds failed to temper enthusiasm.
  • There has been no notable movement in YM or XM post-supply, with the Nov-28 bond little changed versus pre-auction levels in cash trade. 
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The latest round of ACGB Nov-28 supply sees the weighted average yield print 1.53bps through prevailing mids (per Yieldbroker), extending the recent trend of firm pricing at ACGB auctions.

  • However, the cover ratio nudged lower at 4.1214x from 4.5214x.
  • A higher outright yield and a 3/5 yield curve at its steepest since November 2023 appeared to work to support the bid.
  • The recent deterioration in sentiment towards global bonds failed to temper enthusiasm.
  • There has been no notable movement in YM or XM post-supply, with the Nov-28 bond little changed versus pre-auction levels in cash trade.