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AUSSIE BONDS: Slightly Richer With Cash US Tsys, May-34 Supply Tomorrow

AUSSIE BONDS
RegionGlobalBulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM flat & XM +2.5) are stronger but off Sydney session highs. 

  • With the domestic calendar empty today, the local market’s strength has been driven by cash US tsys, which are flat to 3bps richer, with a flattening bias, in today’s Asia-Pac session after yesterday’s Columbus Day holiday.
  • There will be more fed speakers later today with SF's Daly, Gov Kugler, and Atlanta's Bostic on tap. It will be another slow data session with just Oct Empire Manufacturing and NY Fed inflation expectations.
  • Cash ACGBs are 1-2bps richer with the AU-US 10-year yield differential at +16bps.
  • The bills strip has bull-flattened, with pricing +1 to +2 across contracts.
  • RBA-dated OIS pricing is little changed across meetings. A cumulative 7bps of easing is priced by year-end.
  • Today’s auction of A$100mn of the 0.25% 21 November 2032 Index-Linked bond cleared at 1.8566%, 0.5bp through the prevailing mids, with a cover ratio of 4.61x.
  • Tomorrow, the local calendar will see the Westpac Leading Index and a speech by RBA Hunter at the Citi Australia & New Zealand Investment Conference.
  • The AOFM plans to sell A$700mn of the 3.75% 21 May 2034 bond tomorrow.
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ACGBs (YM flat & XM +2.5) are stronger but off Sydney session highs. 

  • With the domestic calendar empty today, the local market’s strength has been driven by cash US tsys, which are flat to 3bps richer, with a flattening bias, in today’s Asia-Pac session after yesterday’s Columbus Day holiday.
  • There will be more fed speakers later today with SF's Daly, Gov Kugler, and Atlanta's Bostic on tap. It will be another slow data session with just Oct Empire Manufacturing and NY Fed inflation expectations.
  • Cash ACGBs are 1-2bps richer with the AU-US 10-year yield differential at +16bps.
  • The bills strip has bull-flattened, with pricing +1 to +2 across contracts.
  • RBA-dated OIS pricing is little changed across meetings. A cumulative 7bps of easing is priced by year-end.
  • Today’s auction of A$100mn of the 0.25% 21 November 2032 Index-Linked bond cleared at 1.8566%, 0.5bp through the prevailing mids, with a cover ratio of 4.61x.
  • Tomorrow, the local calendar will see the Westpac Leading Index and a speech by RBA Hunter at the Citi Australia & New Zealand Investment Conference.
  • The AOFM plans to sell A$700mn of the 3.75% 21 May 2034 bond tomorrow.