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

AUSSIE BONDS
BulletAPACFixed Income BulletsAustraliaMarkets

Bidding at today’s A$300mn auction of the 2.75% 21 May 2041 bond is likely to be shaped by several key factors: 

  • The outright yield is around 5bps lower than at the previous auction and 25bps below its November 2024 high.
  • The 3/10 yield curve has steepened slightly since the last auction and is near its steepest level since August 2022.
  • The 10/20 yield curve is also marginally steeper than at the previous auction but remains 5bps below its September 2024 high.
  • Demand for duration should be supported by improving sentiment toward longer-dated global bonds, which has strengthened since mid-January despite some deterioration over the past week.
  • Results are due at 0000 GMT / 1100AEST.
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Bidding at today’s A$300mn auction of the 2.75% 21 May 2041 bond is likely to be shaped by several key factors: 

  • The outright yield is around 5bps lower than at the previous auction and 25bps below its November 2024 high.
  • The 3/10 yield curve has steepened slightly since the last auction and is near its steepest level since August 2022.
  • The 10/20 yield curve is also marginally steeper than at the previous auction but remains 5bps below its September 2024 high.
  • Demand for duration should be supported by improving sentiment toward longer-dated global bonds, which has strengthened since mid-January despite some deterioration over the past week.
  • Results are due at 0000 GMT / 1100AEST.