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AUSSIE BONDS: Cheaper, Empty Local Data Calendar, Narrow Ranges

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM -5.0 & XM -6.5) are weaker and near Sydney session lows. That said, ranges have been relatively small on a data-light day. 

  • Cash US tsys are slightly mixed in today’s Asia-Pac session after yesterday’s aggressive bear-steepening.  Friday's data schedule is a little less eventful, with housing starts/building permits featuring. We get plenty of Fed speakers though, including Bostic, Kashkari, Waller, and Bostic.
  • (AFR) The Reserve Bank of Australia’s annual policy conference this week showed that it is catching up to what some call the second revolution in central bank communication. (See link)
  • The latest ACGB Apr-27 auction saw strong demand metrics. The weighted average yield cleared 1.35bps through prevailing mids with a very strong cover ratio of 6.43x. The relatively low number of successful and fully allocated bidders suggests elevated demand among participants.
  • Cash ACGBs are 4-6bps cheaper on the day and 12bps cheaper than yesterday’s pre-jobs levels. The AU-US 10-year yield differential is at 22bps.  
  • Swap rates are 5-6bps higher, with the 3s10s curve steeper.
  • The bills strip has bear-steepened, with pricing -2 to -5.
  • RBA-dated OIS pricing is 3-5bps firmer for 2025 meetings. A cumulative 4bps of easing is priced by year-end.
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ACGBs (YM -5.0 & XM -6.5) are weaker and near Sydney session lows. That said, ranges have been relatively small on a data-light day. 

  • Cash US tsys are slightly mixed in today’s Asia-Pac session after yesterday’s aggressive bear-steepening.  Friday's data schedule is a little less eventful, with housing starts/building permits featuring. We get plenty of Fed speakers though, including Bostic, Kashkari, Waller, and Bostic.
  • (AFR) The Reserve Bank of Australia’s annual policy conference this week showed that it is catching up to what some call the second revolution in central bank communication. (See link)
  • The latest ACGB Apr-27 auction saw strong demand metrics. The weighted average yield cleared 1.35bps through prevailing mids with a very strong cover ratio of 6.43x. The relatively low number of successful and fully allocated bidders suggests elevated demand among participants.
  • Cash ACGBs are 4-6bps cheaper on the day and 12bps cheaper than yesterday’s pre-jobs levels. The AU-US 10-year yield differential is at 22bps.  
  • Swap rates are 5-6bps higher, with the 3s10s curve steeper.
  • The bills strip has bear-steepened, with pricing -2 to -5.
  • RBA-dated OIS pricing is 3-5bps firmer for 2025 meetings. A cumulative 4bps of easing is priced by year-end.