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Smoothly Absorbed But Less Demand Present

AUSSIE BONDS
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The latest round of ACGB Nov-28 supply sees the weighted average yield print 0.8bp through prevailing mids (per Yieldbroker), extending the recent trend of firm pricing at ACGB auctions.

  • An expectation of continued firm pricing but with a less aggressive bid proved correct, with the cover ratio declining to 2.4556x from 3.3687x at the 7 February auction.
  • The line not being included in the YM basket and a less optimistic outlook for RBA policy than in February appear to have impacted demand.
  • There has been no notable movement in YM post-supply, with the Nov-28 bond little changed versus pre-auction levels in cash trade.
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The latest round of ACGB Nov-28 supply sees the weighted average yield print 0.8bp through prevailing mids (per Yieldbroker), extending the recent trend of firm pricing at ACGB auctions.

  • An expectation of continued firm pricing but with a less aggressive bid proved correct, with the cover ratio declining to 2.4556x from 3.3687x at the 7 February auction.
  • The line not being included in the YM basket and a less optimistic outlook for RBA policy than in February appear to have impacted demand.
  • There has been no notable movement in YM post-supply, with the Nov-28 bond little changed versus pre-auction levels in cash trade.