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AUSSIE BONDS: Slightly Cheaper, Narrow Ranges, Heavy Local Calendar On Monday

AUSSIE BONDS
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ACGBs (YM -3.0 & XM flat) are slightly weaker after dealing in narrow ranges in today’s Sydney session.

  • (DJ Glynn) RBA Governor, Michele Bullock, remarked this week that after a little over a year in the top job at the central bank, she was surprised to find that a lot of attention had been directed toward her, not just in terms of her policy decisions, but as a person. (See link)
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session.
  • Cash ACGBs are 1-2bps cheaper with the AU-US 10-year yield differential at +12bps.
  • Swap rates are 1bp lower to 1bp higher with the 3s10s curve flatter.
  • The bills strip is cheaper with pricing -1 to -3.
  • RBA-dated OIS pricing is flat to 4bps softer. A 25bp rate cut is not fully priced until May.
  • On Monday, the local calendar is heavy with CoreLogic Home Values, S&P Global PMI Mfg, Melbourne Institute Inflation, ANZ-Indeed Job Advertisements, Building Approvals and Retail Sales alongside Q3 GDP partials: Inventories and Company Profits.
  • Next week, the AOFM plans to sell A$300mn of the 4.25% 21 June 2034bond on Monday, A$700mn of the 3.25% 21 April 2029bond on Wednesday and A$800mn of the 3.75% 21 April 2037bond on Friday. 
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ACGBs (YM -3.0 & XM flat) are slightly weaker after dealing in narrow ranges in today’s Sydney session.

  • (DJ Glynn) RBA Governor, Michele Bullock, remarked this week that after a little over a year in the top job at the central bank, she was surprised to find that a lot of attention had been directed toward her, not just in terms of her policy decisions, but as a person. (See link)
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session.
  • Cash ACGBs are 1-2bps cheaper with the AU-US 10-year yield differential at +12bps.
  • Swap rates are 1bp lower to 1bp higher with the 3s10s curve flatter.
  • The bills strip is cheaper with pricing -1 to -3.
  • RBA-dated OIS pricing is flat to 4bps softer. A 25bp rate cut is not fully priced until May.
  • On Monday, the local calendar is heavy with CoreLogic Home Values, S&P Global PMI Mfg, Melbourne Institute Inflation, ANZ-Indeed Job Advertisements, Building Approvals and Retail Sales alongside Q3 GDP partials: Inventories and Company Profits.
  • Next week, the AOFM plans to sell A$300mn of the 4.25% 21 June 2034bond on Monday, A$700mn of the 3.25% 21 April 2029bond on Wednesday and A$800mn of the 3.75% 21 April 2037bond on Friday.