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US 10YR FUTURE TECHS

‌‌(Z1)‌‌ Focus Is On Support

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Expiries for Sep22 NY cut 1000ET (Source DTCC)

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The A$700mn tap of ACGB 2.75% 21 Nov '27 was smoothly digested, with the weighted average yield printing 0.41bp through prevailing mids at the time of supply (per Yieldbroker), while the cover ratio comfortably topped 5.00x. The previous tap of the line was conducted way back in '18, at a much smaller size and under a different market regime, so any comparisons would be misleading. The pricing through mids may not have been quite as aggressive as some anticipated, but the rarity in terms of taps of the line, market outlook re: the RBA, liquidity dynamic, international appeal and potential demand from dealers identified via AOFM liaison (all of which were flagged ahead of the auction) provided smooth passage despite the recent richening in both outright terms & in the form of belly outperformance.