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AUSSIE BONDS: Slightly Richer, Domestic Calendar Light Again Tomorrow

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM +2.0 & XM +2.0) are slightly stronger after today’s fireside chat by RBA Deputy Governor Hauser at the CBA 2024 Global Markets Conference. 

  • “The response of interest-rate traders to Australia’s recent economic data suggests the Reserve Bank’s policy reaction function is being understood, Deputy Governor Andrew Hauser said.” (See BBG link)
  • Today’s auction showcased strong demand for ACGBs, with the weighted average yield coming in 0.94bps below the prevailing mid-yields. The cover ratio surged to 4.7486x, significantly higher than the previous auction’s 3.520x. This week's ACGB supply is larger with the usual weekly issuance of A$1.5bn, with A$800mn of the 4.25% 21 December 2035 bond due on Wednesday and A$300mn of the 4.25% 21 June 2034 bond on Friday.
  • Cash US tsys are little changed in today’s Asia-Pac session after Friday’s modest bull-steepener. 
  • Cash ACGBs are 1-2bps richer with the AU-US 10-year yield differential at +21bps.
  • Swap rates are flat to 1bp lower, with a slight flattening bias.
  • The bills strip is flat to +1.
  • RBA-dated OIS pricing is steady. A cumulative 4bps of easing is priced by year-end.
  • Tomorrow, the local calendar is empty. 
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ACGBs (YM +2.0 & XM +2.0) are slightly stronger after today’s fireside chat by RBA Deputy Governor Hauser at the CBA 2024 Global Markets Conference. 

  • “The response of interest-rate traders to Australia’s recent economic data suggests the Reserve Bank’s policy reaction function is being understood, Deputy Governor Andrew Hauser said.” (See BBG link)
  • Today’s auction showcased strong demand for ACGBs, with the weighted average yield coming in 0.94bps below the prevailing mid-yields. The cover ratio surged to 4.7486x, significantly higher than the previous auction’s 3.520x. This week's ACGB supply is larger with the usual weekly issuance of A$1.5bn, with A$800mn of the 4.25% 21 December 2035 bond due on Wednesday and A$300mn of the 4.25% 21 June 2034 bond on Friday.
  • Cash US tsys are little changed in today’s Asia-Pac session after Friday’s modest bull-steepener. 
  • Cash ACGBs are 1-2bps richer with the AU-US 10-year yield differential at +21bps.
  • Swap rates are flat to 1bp lower, with a slight flattening bias.
  • The bills strip is flat to +1.
  • RBA-dated OIS pricing is steady. A cumulative 4bps of easing is priced by year-end.
  • Tomorrow, the local calendar is empty.