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ACGBS Richer, Curve Slightly Flatter Post 5yr Auction

AUSSIE BONDS

ACGBs (YM +5.0 & XM +4.0) are richer and trade near session's best. Earlier, we had Private Sector Credit come in just above consensus at 0.5%m/m vs 0.4% est, while we also had the Nov-29 Bond auction, which was well received with a bid/cover ratio of 3.2286%

  • Cash US tsys are are about 0.5bp richer today, the curve is unchanged. Tsys futures have traded in very tight ranges, will the only notable flow a 2/5/10 Block, buyer FV on the fly in 636k DV01.
  • Cash ACGBs are 3-4.5bps richer, the curve is slightly flatter with the AU-US 10-year yield differential 1bps higher at -15bps.
  • Swap rates are 1-3bps lower
  • The bills strip is flat to 3bps higher, curve has bear-steepened
  • RBA-dated OIS pricing is 2-5bps softer at the Sept & Nov meetings today, with a17% cut into year end.
  • Looking ahead; MI Inflation on Monday, and GDP on Wednesday
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