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AUSSIE BONDS: Early Gains Given Up As TYZ4 Grinds Lower

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM -4.0 & XM -1.5) are weaker and near lows, having given up early gains on a data-light Sydney session. 

  • Cash US tsys are closed today for the Veterans Day holiday. Nevertheless, US tsy futures (TYZ4) are dealing heavily at 110-00, down 0-08+ from Friday's close. Fed speakers resume Tuesday in addition to the Senior Loan Officer Opinion Survey on Bank Lending Practices.
  • The local calendar has been empty today, ahead of Consumer and Business Confidence tomorrow.  The Q3 Wage Price Index is released on Wednesday followed by the Employment Report for October on Thursday.
  • Cash ACGBs are 1-4bps cheaper with the AU-US 10-year yield differential at +28bps.
  • Swap rates are 1-4bps higher, with the 3s10s curve flatter.
  • The bills strip has bear-steepened, with pricing -1 to -5.
  • RBA-dated OIS pricing is 1-4bps firmer today, with no easing by year-end. A 25bps rate cut is not fully priced until July.
  • This week, the AOFM plans to sell A$800mn of the 2.50% 21 May 2030 bond on Wednesday and A$700mn of the 4.75% 21 April 2027 bond on Friday. It also plans to sell A$150mn of the Inflation-Linked 0.25% 21 November 2032 bond tomorrow.
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ACGBs (YM -4.0 & XM -1.5) are weaker and near lows, having given up early gains on a data-light Sydney session. 

  • Cash US tsys are closed today for the Veterans Day holiday. Nevertheless, US tsy futures (TYZ4) are dealing heavily at 110-00, down 0-08+ from Friday's close. Fed speakers resume Tuesday in addition to the Senior Loan Officer Opinion Survey on Bank Lending Practices.
  • The local calendar has been empty today, ahead of Consumer and Business Confidence tomorrow.  The Q3 Wage Price Index is released on Wednesday followed by the Employment Report for October on Thursday.
  • Cash ACGBs are 1-4bps cheaper with the AU-US 10-year yield differential at +28bps.
  • Swap rates are 1-4bps higher, with the 3s10s curve flatter.
  • The bills strip has bear-steepened, with pricing -1 to -5.
  • RBA-dated OIS pricing is 1-4bps firmer today, with no easing by year-end. A 25bps rate cut is not fully priced until July.
  • This week, the AOFM plans to sell A$800mn of the 2.50% 21 May 2030 bond on Wednesday and A$700mn of the 4.75% 21 April 2027 bond on Friday. It also plans to sell A$150mn of the Inflation-Linked 0.25% 21 November 2032 bond tomorrow.