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Cheaper, At Sydney Session’s Worst Levels, US Tsys and JGBs Weighing

AUSSIE BONDS

ACGBs (YM -6.0 & XM -7.5) are cheaper and at Sydney session lows. With today’s session data-light, the push lower can be attributed to weakness in US tsys. Cash tsys are dealing 5-6bps cheaper across benchmarks in today’s Asia-Pac session after the observance of the Martin Luther King public holiday yesterday.

  • Higher JGB yields may also be weighing on the local market after this morning’s PPI data came in hotter than expected. 5-year supply due later today.
  • Cash ACGBs are 5-7bps cheaper, with the AU-US 10-year yield differential 1bp wider at +15bps.
  • Swap rates are 5-7bps higher, with the 3s10s curve steeper.
  • The bills strip is cheaper, with pricing -1 to -6, reds leading.
  • RBA-dated OIS pricing is flat to 4bps firmer across meetings, with December leading. A cumulative easing of 48bps is priced for year-end.
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