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Solid Demand Seen For Nov-33 Supply

AUSSIE BONDS

The latest round of ACGB Nov-33 supply sees firm pricing, with the weighted average yield printing 0.84bp through prevailing mids (per Yieldbroker) and the cover ratio rising above 4.70x.

  • The expectation for continued firm pricing at today’s auction proved correct with a less hawkish RBA combined with a significantly higher outright yield compared to the previous offering, a low level of issuance, and the inclusion of the line in the XMU3 basket, which enhances hedging opportunities, all working to keep demand solid.
  • The flattening of the yield curve doesn’t appear to have constrained the overall strength of bidding.
  • Following the supply, XM futures are around 1.5 to 2bp richer.
  • Additionally, the bond itself has experienced 1bp richening compared to pre-auction levels in cash trade.
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