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Cash ACGBs At Session Bests

AUSSIE BONDS

ACGBs remain stronger on the day (YM +4.0 & XM +3.5) but well off NY session bests. Cash U.S. Tsy declined 2bp after the re-open with Asia-Pac participants having their turn to digest overnight bank equity weakness and Tsy Secretary Yellen’s about-turn on providing additional deposit actions.

  • Cash ACGBs are at Asia-Pac bests, 4bp richer after Apr-26 supply showed very strong demand (avg. yield 2.75bp through prevailing mids & cover near 5.00x).
  • The AU-US 10-year yield differential is unchanged at -15bp.
  • Swaps are 4-5bp stronger with the 3/10 curve 1bp steeper and EFPs unchanged.
  • Subdued trading in RBA dated OIS with pricing flat to 3bp softer across meetings with 28bp of easing priced by year-end. April meeting pricing is at +3bp.
  • On the local data font, March (P) Judo Bank PMIs all printed below 50 versus above 50 in February.
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