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AUSSIE BONDS: Flat But At Session Cheaps As IO Surges

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM flat & XM -0.5) are flat but dealing at Sydney session cheaps.

  • Outside of the previously outlined private sector credit, there hasn't been much by way of domestic drivers to flag.
  • (AFR) "Iron ore has surged 10 per cent today after three of China’s largest cities eased rules for home buyers, triggering a rally in mining stocks and helping the ASX set a record high." (See link)
  • China's Mfg PMIs were mixed for September. The official index firmed to 49.8 from 49.1 in August (consensus was 49.4), while the Caixin index printed well below analyst forecasts at 49.3 versus 50.5 forecast and 50.4 prior.
  • Cash US tsys are little changed in today’s Asia-Pac session. 
  • Cash ACGBs are flat to 1bp richer, with the AU-US 10-year yield differential at +20bps.
  • Swap rates are flat to 1bp higher, with the 3s10s curve steeper.
  • The bills strip is little changed.
  • RBA-dated OIS pricing is 1-2bps softer across meetings. A cumulative 15bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see CoreLogic Home Value, Judo Bank PMI Mfg and Building Approvals data.
  • On Wednesday, the AOFM plans to sell A$800mn of the 2.75% 21 June 2035 bond.
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ACGBs (YM flat & XM -0.5) are flat but dealing at Sydney session cheaps.

  • Outside of the previously outlined private sector credit, there hasn't been much by way of domestic drivers to flag.
  • (AFR) "Iron ore has surged 10 per cent today after three of China’s largest cities eased rules for home buyers, triggering a rally in mining stocks and helping the ASX set a record high." (See link)
  • China's Mfg PMIs were mixed for September. The official index firmed to 49.8 from 49.1 in August (consensus was 49.4), while the Caixin index printed well below analyst forecasts at 49.3 versus 50.5 forecast and 50.4 prior.
  • Cash US tsys are little changed in today’s Asia-Pac session. 
  • Cash ACGBs are flat to 1bp richer, with the AU-US 10-year yield differential at +20bps.
  • Swap rates are flat to 1bp higher, with the 3s10s curve steeper.
  • The bills strip is little changed.
  • RBA-dated OIS pricing is 1-2bps softer across meetings. A cumulative 15bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see CoreLogic Home Value, Judo Bank PMI Mfg and Building Approvals data.
  • On Wednesday, the AOFM plans to sell A$800mn of the 2.75% 21 June 2035 bond.