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Firm Pricing For ACGB Nov-28 Supply

AUSSIE BONDS

The latest round of ACGB May-28 supply sees the weighted average yield print 1.53bp 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 at 3.3687x higher than the 3.2529x seen at the 30 August auction. Cover was however lower than that seen at November’s auction of the May-28 bond.
  • Uncertainty regarding the near-term outlook for RBA policy and the flatness of the 3/5 cash curve failed to materially impact overall demand.
  • There has been no notable movement in YM or XM futures post-supply, with the Nov-28 bond little changed versus pre-auction levels in cash trade.
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