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Firm Pricing For ACGB Nov-27 Supply

AUSSIE BONDS

The latest round of ACGB Nov-27 supply sees the weighted average yield print 1.46bps 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, with the cover ratio jumping to a robust 4.3929x from 3.0187x, as seen at the October 2023 auction. It was also higher than the cover ratio seen at the 5 July 2024 auction of the May-28 line (4.0778x).
  • Notably, today’s auction cleared with a low number of successful bidders, indicating aggressive bids from those investors.
  • As highlighted in the preview, today’s auction took place with an outright yield similar to the mid-October auction, but with a 3/10 curve nearing its flattest level since August last year. Improved sentiment towards global bonds also likely provided support. Despite the relatively hawkish stance of the RBA at the June meeting, it didn’t appear to weigh on the bidding.
  • There has been mild strengthening in YM futures and the cash line in post-supply dealings.
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