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Firm Pricing But Weaker Demand For Jun-51 Supply

AUSSIE BONDS

The latest round of ACGB Jun-51 supply sees the weighted average yield print 0.52bp through prevailing mids (per Yieldbroker), extending the recent trend of firm pricing at ACGB auctions.

  • An expectation of continued firm pricing at auctions proved correct but the cover ratio of 2.2833x did however print much lower than the 3.0266x at the February 13 auction.
  • The narrower AU-US 30-year yield differential, which has likely diminished offshore demand, appears to have counteracted a steeper curve, resulting in an overall lower level of demand observed during today's auction.
  • There has been no notable movement in XM futures post-supply, while the Jun-51 bond is slightly weaker versus pre-auction levels in cash trade.
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