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AUSSIE BONDS: May-41 Supply Faces Lower Yield Than Last Outing But Steeper Curve

AUSSIE BONDS
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Bidding at today’s A$400mn auction of the 2.75% 21 May 2041 bond is likely to be shaped by several key factors: 

  • The outright yield is 10bps lower than at the previous auction and 20bps below its November 2024 high.
  • The 3/10 yield curve has steepened by 10bps since the last auction and is near its steepest level since August 2022.
  • The 10/20 yield curve is also 10bps steeper than at the previous auction but remains 5bps below its September 2024 high.
  • Sentiment toward longer-dated global bonds has improved since mid-January, with the US 10-year Treasury yield falling by 25bps, supporting demand for duration.
  • Results are due at 0000 GMT / 1100AEST.
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Bidding at today’s A$400mn auction of the 2.75% 21 May 2041 bond is likely to be shaped by several key factors: 

  • The outright yield is 10bps lower than at the previous auction and 20bps below its November 2024 high.
  • The 3/10 yield curve has steepened by 10bps since the last auction and is near its steepest level since August 2022.
  • The 10/20 yield curve is also 10bps steeper than at the previous auction but remains 5bps below its September 2024 high.
  • Sentiment toward longer-dated global bonds has improved since mid-January, with the US 10-year Treasury yield falling by 25bps, supporting demand for duration.
  • Results are due at 0000 GMT / 1100AEST.