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Smooth Digestion Of Jun-35 Supply

AUSSIE BONDS

The latest round of ACGB Jun-35 supply sees the weighted average yield print 0.79bp through prevailing mids (per Yieldbroker), extending the recent trend of firm pricing at ACGB auctions.

  • The cover ratio of 3.6643x prints much stronger than the 2.2687 at the April 5 auction, possibly reflecting the fact that the April 5 auction was conducted in the shadow of the impending syndication of the new ACGB Dec-34 line.
  • An expectation of continued firm pricing at auctions proved correct with possible negative factors flagged in our auction preview failing to materially constrain the overall strength of bidding.
  • There has been no notable movement in XM futures post-supply (ACGB Jun-35 is not in the underlying basket for the contract), while the bond was little changed versus pre-auction levels in cash trade.
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