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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessBNP Paribas note that "second-tier.....>
AUSSIE BONDS: BNP Paribas note that "second-tier banks have already begun to
raise mortgage rates (by 9-15bp). Given the persistence of elevated funding
costs, we would expect the major banks also to raise rates heading into the
September quarter-end which is also the financial year-end for three of the four
major banks. Historically, periods of high funding spreads have tended to feed
through into mortgage rates with a six-month lag (top chart). Whilst there has
been an easing after the June quarter-end as we had expected, structural factors
suggest the next quarter-end is likely to see further funding pressures and a
much shallower easing in BBSW than previously. This is due to the following
factors: 1) Domestic balance sheet constraints leading to structurally higher
repo rates, possibly especially going into the financial year-end. 2) A high
amount of foreign purchases continues to be lent back to the RBA for cash. 3)
Increased demand for short-term funding given the slowdown in deposit growth
relative to credit growth. As we expect a further drop in BBSW in the near term,
we continue to recommend swap curve steepeners."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.