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AUSSIE BONDS: Richer But Off Best Levels, US Pres. Debate Underway

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

In roll-impacted dealings, ACGBs (YM +1.4 & XM +2.2) are slightly richer but currently sit at Sydney session lows. 

  • With the domestic calendar light today, the focus has been on Sarah Hunter’s, RBA's chief economist and Assistant Governor, speech at the Barrenjoey Economic Forum.
  • Hunter said "Conditions in the labour market have eased since late 2022, but our assessment is that the labour market is still tight relative to full employment,", adding "We expect the demand for labour to grow at a slower pace relative to the supply of labour in the coming quarters, gradually bringing the labour market into better balance...this slowing in labour demand is likely to occur via a decline in average hours,".
  • With the US presidential debate underway, cash US tsys are currently slightly cheaper after being slightly richer earlier.
  • Cash ACGBs are 2bps richer, with the AU-US 10-year yield differential at +24bps.
  • Swap rates are 2-3bps lower.
  • The bills strip has bull-flattened, with pricing flat to +5.
  • RBA-dated OIS pricing is flat to 5bps softer, with 2025 meetings leading. A cumulative 17bps of easing is priced by year-end.
  • NSW TCorp has issued A$350 million of its 4.75% Feb. 20 2037 benchmark bond via Yieldbroker tender.
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In roll-impacted dealings, ACGBs (YM +1.4 & XM +2.2) are slightly richer but currently sit at Sydney session lows. 

  • With the domestic calendar light today, the focus has been on Sarah Hunter’s, RBA's chief economist and Assistant Governor, speech at the Barrenjoey Economic Forum.
  • Hunter said "Conditions in the labour market have eased since late 2022, but our assessment is that the labour market is still tight relative to full employment,", adding "We expect the demand for labour to grow at a slower pace relative to the supply of labour in the coming quarters, gradually bringing the labour market into better balance...this slowing in labour demand is likely to occur via a decline in average hours,".
  • With the US presidential debate underway, cash US tsys are currently slightly cheaper after being slightly richer earlier.
  • Cash ACGBs are 2bps richer, with the AU-US 10-year yield differential at +24bps.
  • Swap rates are 2-3bps lower.
  • The bills strip has bull-flattened, with pricing flat to +5.
  • RBA-dated OIS pricing is flat to 5bps softer, with 2025 meetings leading. A cumulative 17bps of easing is priced by year-end.
  • NSW TCorp has issued A$350 million of its 4.75% Feb. 20 2037 benchmark bond via Yieldbroker tender.