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AUSSIE BONDS: Slightly Mixed, Cash US Tsys Heavy, Q3 WPI Tomorrow

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM flat & XM +2.0) are slightly mixed after dealing in narrow ranges in today’s Sydney session. 

  • Outside of the previously outlined consumer and business confidence, there hasn't been much by way of domestic drivers to flag.
  • Cash US tsys are flat to 4bps cheaper in the Asia-Pac session today with a flattening bias. US tsys reopened today after being closed for the Veterans Day holiday yesterday.
  • Cash ACGBs are flat to 2bps richer after trading 1-2bps cheaper early. The AU-US 10-year yield differential is at +24bps.
  • Swap rates are 2bps lower to 1bp higher, with a flatter 3s10s curve.
  • The bills strip is slightly cheaper, with pricing flat to -2.
  • RBA-dated OIS pricing is little changed across meetings. There is no easing priced by year-end. A 25bps rate cut is not fully priced until August.
  • Tomorrow, the local calendar will see the Q3 Wage Price Index, ahead of the Employment Report for October on Thursday.
  • This week, AOFM plans to sell A$800mn of the 2.50% 21 May 2030 bond tomorrow and A$700mn of the 4.75% 21 April 2027 bond on Friday.
  • Today’s sale of A$150mn of the Nov-32 inflation-linked bond showed a cover ratio of 3.77x.
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ACGBs (YM flat & XM +2.0) are slightly mixed after dealing in narrow ranges in today’s Sydney session. 

  • Outside of the previously outlined consumer and business confidence, there hasn't been much by way of domestic drivers to flag.
  • Cash US tsys are flat to 4bps cheaper in the Asia-Pac session today with a flattening bias. US tsys reopened today after being closed for the Veterans Day holiday yesterday.
  • Cash ACGBs are flat to 2bps richer after trading 1-2bps cheaper early. The AU-US 10-year yield differential is at +24bps.
  • Swap rates are 2bps lower to 1bp higher, with a flatter 3s10s curve.
  • The bills strip is slightly cheaper, with pricing flat to -2.
  • RBA-dated OIS pricing is little changed across meetings. There is no easing priced by year-end. A 25bps rate cut is not fully priced until August.
  • Tomorrow, the local calendar will see the Q3 Wage Price Index, ahead of the Employment Report for October on Thursday.
  • This week, AOFM plans to sell A$800mn of the 2.50% 21 May 2030 bond tomorrow and A$700mn of the 4.75% 21 April 2027 bond on Friday.
  • Today’s sale of A$150mn of the Nov-32 inflation-linked bond showed a cover ratio of 3.77x.