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Smooth Digestion Of Apr-37 Supply With More Demand

AUSSIE BONDS

The latest round of ACGB Apr-37 supply sees the weighted average yield print 0.56bps through prevailing mids (per Yieldbroker), extending the recent trend of firm pricing at ACGB auctions.

  • The cover ratio was higher at 3.8083x versus 2.7875x at the February auction.
  • Today’s auction smooth digestion of supply comes in the face of the RBA’s relatively hawkish stance at the June meeting, May’s higher-than-expected CPI and the recent waning of the positive sentiment towards longer-dated bonds globally.
  • The other possible negative factor flagged in our auction preview, namely the line not being part of the XM basket, didn’t appear to constrain the overall strength of bidding.
  • There has been a slight cheapening in XM futures and the bond line in early post-supply dealings.
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