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Less Demand Seen At Jun-51 ACGB Auction

AUSSIE BONDS

The latest round of ACGB Jun-51 supply sees the weighted average yield print 0.2bp through prevailing mids (per Yieldbroker), extending the recent trend of pricing at ACGB auctions.

  • An expectation of continued firm pricing at auctions proved somewhat correct but the cover ratio of 2.2033x did however print lower than the 2.2833x at the May 31 auction.
  • The reduced outright yield, flatter yield curve, and minor relative value richness between the Mar-47 and Jun-51 bonds all appear to have weighed on the overall level of demand observed during today's auction. The wider AU-US 30-year yield differential likely provided some offset via enhanced offshore demand.
  • XM futures is little changed post-supply after an initial post-auction cheapening. The Jun-51 bond is slightly weaker versus pre-auction levels in cash trade with the yield -2.9bp on the day.
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