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Smooth Digestion Of Jun-35 Supply, Less Demand Present

AUSSIE BONDS

The latest round of ACGB Jun-35 supply sees the weighted average yield print 0.94bp through prevailing mids (per Yieldbroker), extending the recent trend of firm pricing at ACGB auctions.

  • That said, the cover ratio of 3.0171x prints weaker than the 3.6643x at the previous auction.
  • An expectation of continued firm pricing at auctions proved correct with a higher outright yield and steeper curve seemingly supporting demand at today’s auction.
  • However, the possible negative factors flagged in our auction preview, namely the line not being part of the XM basket and the potential necessity to increase the line "up to size", look to have constrained the overall strength of bidding.
  • There has been no notable movement in XM futures post-supply, while the bond was little changed versus pre-auction levels in cash trade.
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