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Smoothly Absorbed With Solid Demand Metrics

AUSSIE BONDS

The latest round of ACGB Nov-28 supply sees the weighted average yield print 0.75bp through prevailing mids (per Yieldbroker), extending the recent trend of firm pricing at ACGB auctions.

  • Moreover, the cover ratio held above 4.00x, printing at 4.2286x versus 4.4389x previously.
  • The line being included in the YM basket and a slightly steeper 3/5 yield curve than in July worked to offset the lower outright yield. As noted in our preview, the outright yield is currently at the bottom of its 12-month trading range, 35-40bps lower than at the July auction and around 100bps lower than its early November peak.
  • 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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