ChoppyBond market weather

Yield to None

Saturday 29 August 2026Australian and global bond markets
Lead · Policy

The long end refuses to blink

Illustration of a financial district skyline at dusk
The financial district at dusk · illustration

Two cuts are priced for the back half of the year. The thirty-year isn’t listening — and that tells you where the risk now sits.

Markets · Sovereign benchmarks

Issuer2Y10Y
AustraliaACGB
4.62
5.02%
United StatesTreasury
4.20
4.67%
United KingdomGilt
4.27
5.11%
GermanyBund
2.86
3.27%
JapanJGB
1.70
2.90%

New issuance

This week’s deals
Featured issuePriced

Commonwealth of Australia

4.25% Treasury Bonds due 21 May 2035 · syndicated tap
Amount
A$4.0bn
Coupon
4.25%
Reoffer yield
4.34%
Maturity
May 2035
Order book
A$78bn
Cover
19.5×
Joint lead managers
ANZ · CBA · UBS · Westpac
European Investment Bank€3.0bn3.00%due 2032Priced
KfW$2.0bn4.125%due 2029Books open
Republic of Italy€8.0bn4.20%due 2039Priced

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