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Cheaper Ahead Of SoMP, Long-End Rout In Global Bonds Continues

AUSSIE BONDS

ACGBs (YM -1.0 & XM -3.5) are cheaper, influenced by the rise in longer-term global yields, which was the significant development observed overnight.

  • Yields for the 10-year US tsy benchmark and beyond were 10-12bp higher. The 10-year finished at 4.17%, the highest level since Nov’22. The US tsy yield curve steepened for the eighth straight day. 10-year EGBs also rose around 10bp. JGB futures were slightly cheaper after 10-year JGBs were pressured on Thursday, taking its yield to 0.653%.
  • Cash ACGBs opened flat to 4bp cheaper with the AU-US 10-year yield differential +1bp at -3bp.
  • Swap rates are flat to 4bp higher with the 3s10s curve steeper.
  • The bills strip is little changed with pricing -1 to +1.
  • RBA-dated OIS pricing is little changed across meetings.
  • Today the local calendar sees the release of the Statement on Monetary Policy. The statement will provide a forecast update with the endpoint extended from June-25 to Dec-25. Importantly it appears that the RBA’s forecasts are broadly unchanged from May, at least based on the monetary policy statement from Tuesday when the RBA left rates unchanged.
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