AUSSIE BONDS: Nov-33 Supply Absorbed But Cleared Only Just Below Prevailing Mids
Sep-24 01:24
The latest round of ACGB Nov-33 supply sees the weighted average yield print only 0.06bp through prevailing mids (per Yieldbroker).
- However, the cover ratio remained little changed at around 3.20x.
- As highlighted in the auction preview, the bidding at today’s auction faced an outright yield approximately the same as the previous auction and around 55bps below the peak reached in November 2024.
- However, the 3/10 yield curve had flattened slightly since the last auction and was 35bps below its April high, the steepest level since 2021.
- Following the auction, there has been minimal movement observed in XM futures or the bond itself compared to levels seen before the auction.
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AUSSIE BONDS: Holding Richer On A Data Light Day
Aug-25 01:24
ACGBs (YM +3.0 & XM +4.0) are stronger.
- Cash US tsys are ~1bp cheaper in today's Asia-Pac session after Friday's strong rally.
- Cash ACGBs are 3bps richer with the AU-US 10-year yield differential at +1bp.
- The bills strip has bull-flattened, with pricing flat to +4.
- RBA-dated OIS pricing is slightly softer across meetings today. A 25bp rate cut in September is given a 29% probability, with a cumulative 36bps of easing priced by year-end (based on an effective cash rate of 3.59%).
- Today, the local calendar will be empty, ahead of the RBA Minutes on Tuesday.
- This week, the AOFM plans to sell A$1200mn of the 2.75% 21 June 2035 bond on Wednesday and A$1000mn of the 2.75% 21 November 2028 bond on Friday.
CHINA: Central Bank Injects CNY21.9bn via OMO
Aug-25 01:24
- The PBOC issued CNY288.4bn of 7-day reverse repo at 1.4% during this morning's operations.
- Today's maturities CNY266.5bn.
- Net liquidity injection CNY21.9bn.
- The PBOC monitors and maintains liquidity in the interbank system through the issuance of reverse repo.
- The CFETS Pledged Repo Deposit Institutions 7 Day Weighted is at 1.40%, from prior close of 1.46%.
- The China overnight interbank repo rate is at 1.43%, from the prior close of 1.45%.
- The China 7-day interbank repo rate is at 1.40%, from the prior close of 1.45%.
MNI: CHINA PBOC CONDUCTS CNY288.4 BLN VIA 7-DAY REVERSE REPO MON
Aug-25 01:23
- CHINA PBOC CONDUCTS CNY288.4 BLN VIA 7-DAY REVERSE REPO MON
