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At Session Highs But Little Changed, Light Local Calendar

AUSSIE BONDS

ACGBs sit slightly stronger (YM +1.0 & XM +0.5) at Sydney session highs as US tsys richen in Asia-Pac trade. A thin Asian docket today left local participants on headline watch. At the time of writing cash tsy yields were 2-4bp lower.

  • Cash ACGBs are 1-2bp richer with the 3/10 curve steeper and the AU-US 10-year yield differential -3bp at -7bp.
  • Swap rates are 1-2bp lower with EFPs slightly tighter.
  • Bills strip bull steepens with pricing flat to +3.
  • RBA dated OIS pricing is 1-5bp softer across meetings with a 15% chance of a 25bp hike priced for the June meeting. The expected terminal rate dips to 3.97% from 4.01% on Friday, the highest level since March 9.
  • Australian Employment Minister Tony Burke strongly backed an increase in the minimum wage that matches inflation. (link)
  • The local calendar has been light today with the next scheduled highlight being RBA Jacobs, Head of Domestic Markets, speaking at a Fixed Income Forum in Tokyo tomorrow.
  • The AOFM plans to sell A$150mn of the 1.25% 21 August 2040 Indexed bond tomorrow.
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