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Curve Twist Steepens

AUSSIE BONDS

Aussie bonds have edged higher as we have worked our way through the Sydney day, alongside an uptick in U.S Tsys (aided by weakness in Chinese and Hong Kong equities), with front-end ACGBs more than unwinding their earlier cheapening bias derived from the overnight bear steepening in Aussie bond futures.

  • Cash ACGBs run 4.0bp richer to 3.5bp cheaper across the curve, twist steepening, and pivoting around 5s. YM is +3.0 and XM is -4.0, with the former operating just shy of session highs at typing. EFPs have narrowed a little, while Bills run 3 to 8 ticks richer through the reds.
  • The latest round of ACGB Nov-33 supply was smoothly absorbed, with the weighted average yield printing 0.82bp through prevailing mids (per Yieldbroker), while the cover ratio improved to 2.75x against 2.25x at the previous auction, albeit with a smaller amount on offer (A$800mn vs. A$1.0bn prev.)
  • No domestic economic data releases of note are scheduled for Thursday.
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