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Cheaper At Sydney Session Lows As Higher JGB Yields Pressure

AUSSIE BONDS
Bullet Markets Fixed Income News Homepage

In roll-impacted trading, ACGBs (YM -7.0 & XM -9.3) are weaker and at Sydney session lows as spillover from JGBs continues to weigh on the local market.

  • In recent dealings the JGB 10-year yield is just shy of the post-YCC adjustment high of 0.705%, 4.7bp cheaper on the day. The catalyst for the JGB move has been remarks from BoJ Governor Ueda over the weekend that it’s possible the central bank will have enough information and data by the year-end to judge if wages will continue to rise, a condition for adjusting stimulus.
  • With the domestic calendar empty today, local participants were largely guided by offshore events. US tsys are 1-3bp cheaper across benchmarks in Asia-Pac trade, with the belly of the curve underperforming.
  • Cash ACGBs are 6-9bp cheaper, with the AU-US 10-year yield differential 2bp wider at -12bp.
  • Swap rates are 5-9bps higher, with the 3s10s curve steeper.
  • The bills strip has bear-steepened, with pricing -1 to -6.
  • RBA-dated OIS pricing is little changed across meetings out to May’24 and 2-3bp firmer beyond.
  • Tomorrow the local calendar sees Westpac Consumer Confidence and NAB Business Confidence.
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In roll-impacted trading, ACGBs (YM -7.0 & XM -9.3) are weaker and at Sydney session lows as spillover from JGBs continues to weigh on the local market.

  • In recent dealings the JGB 10-year yield is just shy of the post-YCC adjustment high of 0.705%, 4.7bp cheaper on the day. The catalyst for the JGB move has been remarks from BoJ Governor Ueda over the weekend that it’s possible the central bank will have enough information and data by the year-end to judge if wages will continue to rise, a condition for adjusting stimulus.
  • With the domestic calendar empty today, local participants were largely guided by offshore events. US tsys are 1-3bp cheaper across benchmarks in Asia-Pac trade, with the belly of the curve underperforming.
  • Cash ACGBs are 6-9bp cheaper, with the AU-US 10-year yield differential 2bp wider at -12bp.
  • Swap rates are 5-9bps higher, with the 3s10s curve steeper.
  • The bills strip has bear-steepened, with pricing -1 to -6.
  • RBA-dated OIS pricing is little changed across meetings out to May’24 and 2-3bp firmer beyond.
  • Tomorrow the local calendar sees Westpac Consumer Confidence and NAB Business Confidence.