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AUSSIE BONDS: Little Changed, RBA Governor Speech Tomorrow

AUSSIE BONDS
BulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM -1.0 & XM +0.5) are slightly mixed, with a flattening bias, in today’s data-light Sydney session. 

  • "Investors such as UBS Asset Management and Jamieson Coote Bonds Pty see value in Australian bonds as the global debt selloff looks stretched and anticipation of a policy pivot grows." (See link)
  • The latest round of ACGB Dec-35 supply showed strong pricing, with the weighted average yield printing 0.47bp through prevailing mids. The higher outright yield and steep curve likely aided the absorption of today’s ACGB supply. However, the notable worsening in global bond sentiment likely weighed on demand at today’s auction.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s modest haven demand-induced gains.
  • Cash ACGBs are flat, with the AU-US 10-year yield differential at +16bps.
  • Swap rates are little changed.
  • The bills strip is slightly cheaper across contracts, with pricing flat to -3.
  • RBA-dated OIS pricing shows no easing by year-end. A 25bps rate cut is not fully priced until July.
  • Tomorrow, the local calendar will see a speech by RBA Governor Bullock at the Women In Payments Conference. 
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ACGBs (YM -1.0 & XM +0.5) are slightly mixed, with a flattening bias, in today’s data-light Sydney session. 

  • "Investors such as UBS Asset Management and Jamieson Coote Bonds Pty see value in Australian bonds as the global debt selloff looks stretched and anticipation of a policy pivot grows." (See link)
  • The latest round of ACGB Dec-35 supply showed strong pricing, with the weighted average yield printing 0.47bp through prevailing mids. The higher outright yield and steep curve likely aided the absorption of today’s ACGB supply. However, the notable worsening in global bond sentiment likely weighed on demand at today’s auction.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s modest haven demand-induced gains.
  • Cash ACGBs are flat, with the AU-US 10-year yield differential at +16bps.
  • Swap rates are little changed.
  • The bills strip is slightly cheaper across contracts, with pricing flat to -3.
  • RBA-dated OIS pricing shows no easing by year-end. A 25bps rate cut is not fully priced until July.
  • Tomorrow, the local calendar will see a speech by RBA Governor Bullock at the Women In Payments Conference.