MNI China Daily Summary: Monday, July 29

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Dec-30 Supply Goes Smoothly But Less Demand

AUSSIE BONDS

The latest round of ACGB Dec-30 supply comes as expected pricing comfortably through mids (weighted average yield was 1.12bps through prevailing mids, per Yieldbroker).

  • Nevertheless, the cover ratio revealed a relatively modest 2.7125x compared to the 3.3375x recorded at the May 2023 auction of the Apr-29 bond. Drawing comparisons with the previous auction of the Dec-30 bond might be deemed irrelevant, considering it took place back in July 2021.
  • As noted in the MNI Auction Preview, today's auction was expected to have been influenced by several factors, including the richness of the curve's belly compared to the 2s and 10s, and the exclusion of the line from the YM basket. Consequently, the line found itself in the less favoured segment of the yield curve.
  • No real movement in cash trading of the line post-auction.
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