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AUSSIE BONDS: Richer Ahead Of US Retail Sales Later Today

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM +3.0 & XM +5.5) are holding stronger and near Sydney session highs on a data-light day. 

  • Cash US tsys are flat to 2bps cheaper, with a steepening bias, in today’s Asia-Pac session after yesterday’s twist-flattener.
  • Later today, the US calendar will see Retail Sales, Empire Manufacturing, Import/Export Prices, Capacity Utilisation and Business Inventory data.
  • Cash ACGBs are 4-6bps richer with the AU-US 10-year yield differential at 18bps.
  • Swap rates are 3-5bps lower, with the 3s10s curve flatter.
  • The bills strip has bull-flattened, with pricing -1 to +3.
  • RBA-dated OIS pricing is 1-5bps softer but continues to price little chance of easing by year-end. A 25bps rate cut is not fully priced until August.
  • On Monday, the local calendar will see Christopher Kent, Assistant Governor (Financial Market) deliver a speech at the Sir Leslie Melville Lecture. RBA Minutes for the November Meeting are due on Tuesday.
  • Next week, AOFM plans to sell A$300mn of the 2.75% 21 May 2041bond on Monday, A$800mn of the 4.25% 21 December 2035 bond on Wednesday and A$700mn of the 2.75% 21 November 2028bond on Friday. 
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ACGBs (YM +3.0 & XM +5.5) are holding stronger and near Sydney session highs on a data-light day. 

  • Cash US tsys are flat to 2bps cheaper, with a steepening bias, in today’s Asia-Pac session after yesterday’s twist-flattener.
  • Later today, the US calendar will see Retail Sales, Empire Manufacturing, Import/Export Prices, Capacity Utilisation and Business Inventory data.
  • Cash ACGBs are 4-6bps richer with the AU-US 10-year yield differential at 18bps.
  • Swap rates are 3-5bps lower, with the 3s10s curve flatter.
  • The bills strip has bull-flattened, with pricing -1 to +3.
  • RBA-dated OIS pricing is 1-5bps softer but continues to price little chance of easing by year-end. A 25bps rate cut is not fully priced until August.
  • On Monday, the local calendar will see Christopher Kent, Assistant Governor (Financial Market) deliver a speech at the Sir Leslie Melville Lecture. RBA Minutes for the November Meeting are due on Tuesday.
  • Next week, AOFM plans to sell A$300mn of the 2.75% 21 May 2041bond on Monday, A$800mn of the 4.25% 21 December 2035 bond on Wednesday and A$700mn of the 2.75% 21 November 2028bond on Friday.