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Firm Pricing For ACGB Nov-27 Supply But Less Demand Seen

AUSSIE BONDS

The latest round of ACGB Nov-27 supply sees the weighted average yield print 1.31bps 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 3.0187x was weaker than the 3.4142x seen at the 19 August 2022 auction. It was also lower than the cover ratio seen at the 29 September 2023 auction of the May-28 line (3.4625x).
  • 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 the steepest 3/5 yield curve observed since March 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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