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Cheaper But Off Worst Levels, Nov-29 Supply Tomorrow

AUSSIE BONDS

ACGBs (YM -3.0 & XM -5.0) are cheaper but off Sydney session lows.

  • Outside of the previously outlined Private Capital Expenditure and Building Approvals data, there hasn't been much in the way of domestic drivers to flag.
  • Cash US tsys are little changed in today’s Asia-Pac session ahead of Q1 GDP and PCE Deflator, and Weekly Jobless Claims data later today.
  • Cash ACGBs are 2-5bps with the AU-US 10-year yield differential at -16bps.
  • Swap rates are 2-4bps higher, with the curve 3s10s steeper.
  • The bills strip has bear-steepened, with pricing -1 to -4.
  • (AFR) Traders are once again ramping up bets that the Reserve Bank of Australia will have to lift the cash rate to bring inflation to heel after US bond yields climbed overnight amid mounting global interest rate jitters. (See link)
  • RBA-dated OIS pricing is flat to 3bps firmer across meetings. 1bp of easing is priced by year-end from an expected terminal rate of 4.39%.
  • Tomorrow, the local calendar sees Private Sector Credit alongside the AOFM’s planned sale of A$700mn of the 2.75% Nov-29 bond.
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