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Cheaper After U.S. Tsy Yields Push Higher

AUSSIE BONDS

ACGBs are sharply lower (YM -17.0 & XM -10.5) with global yields pressured by announced measures to support troubled banks (SNB to provide liquidity to Credit Suisse and the $30bn rescue package for First Republic Bank) and the ECB’s decision to go through with a 50bp rate despite banking concerns. U.S Tsy curve bear flattened with the 2-year yield 27bp higher and the 10-year yield +12bp. Cash ACGBs are 10-16bp weaker with the 3/10 curve 6bp flatter and the AU/US 10-year yield differential +2bp at -14bp.

  • Swaps open with the 2s10s curve 7bp flatter and rates 10-17bp higher. EFPs are unchanged.
  • Bills are 10-17bp cheaper with the strip flattening.
  • RBA dated OIS opens 7-20bp firmer for meetings beyond May. Interestingly, April meeting pricing remains essentially flat despite movements in global STIR overnight and the hawkish news yesterday that the labour market was on a firming footing than expected at the start of the year.
  • The local calendar is light until the release of the RBA Meeting Minutes (Tue).
  • AOFM is scheduled to sell A$1bn of 3.75% 21 May 2034 bond today.
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