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AUSSIE BONDS: Slightly Richer, Subdued Data Light Session

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM +1.0 & XM +1.0) are slightly richer after trading in narrow ranges in today’s data light session.

  • The latest round of ACGB Nov-28 supply saw the weighted average yield print 1.69bps through prevailing mids (per Yieldbroker), extending the recent trend of firm pricing at ACGB auctions. However, the cover ratio fell to 3.09x from 4.4389x previously.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s bull-steepener. Focus now turns to today’s PPI and University of Michigan inflation expectations, as well as the start of the latest earning cycle with several banks reporting before the open: Wells Fargo, JP Morgan, Bank of NY Mellon and Blackrock.
  • Cash ACGBs are 1-2bps richer, with the AU-US 10-year yield differential at +15bps.
  • Swap rates are 1-3bps lower, with the 3s10s curve steeper.
  • The bills strip is slightly mixed, with pricing -1 to +1 across contracts.
  • RBA-dated OIS pricing is flat to 1bp softer across 2025 meetings. A cumulative 7bps of easing is priced by year-end.
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ACGBs (YM +1.0 & XM +1.0) are slightly richer after trading in narrow ranges in today’s data light session.

  • The latest round of ACGB Nov-28 supply saw the weighted average yield print 1.69bps through prevailing mids (per Yieldbroker), extending the recent trend of firm pricing at ACGB auctions. However, the cover ratio fell to 3.09x from 4.4389x previously.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s bull-steepener. Focus now turns to today’s PPI and University of Michigan inflation expectations, as well as the start of the latest earning cycle with several banks reporting before the open: Wells Fargo, JP Morgan, Bank of NY Mellon and Blackrock.
  • Cash ACGBs are 1-2bps richer, with the AU-US 10-year yield differential at +15bps.
  • Swap rates are 1-3bps lower, with the 3s10s curve steeper.
  • The bills strip is slightly mixed, with pricing -1 to +1 across contracts.
  • RBA-dated OIS pricing is flat to 1bp softer across 2025 meetings. A cumulative 7bps of easing is priced by year-end.