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Firm Pricing For ACGB May-28 Supply But Less Demand Seen

AUSSIE BONDS

The latest round of ACGB May-28 supply sees the weighted average yield print 1.39bps 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 at 3.4625x was weaker than the 3.6071x seen at the July 12 auction.
  • As highlighted in the preview, an outright yield comfortably situated near the upper bound of the range within which it has traded since June 2022 and a ~10bp steepening of the 3/5 curve over the past month and a half were likely to present an appealing option for potential buyers.
  • There has been no notable movement in YM or XM futures post-supply, while the May-28 bond little changed versus pre-auction levels in cash trading.
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