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Cheaper, Narrow Ranges, Fed Chair Powell’s Chat Later Today

AUSSIE BONDS

ACGBs (YM -5.0 & XM -7.0) remain cheaper after dealing in relatively narrow ranges so far in the Sydney session. With the domestic data calendar relatively light, local participants appear content to sit on the sidelines ahead of Fed Chair Powell’s fireside chat for later today.

  • Cash ACGBs are 4-7bps cheaper, with the AU-US 10-year yield differential 7bps wider at +16bps.
  • Swap rates are 3-4bps higher, with EFPs 2bps tighter.
  • The bills strip bear-steepens, with pricing flat to -5.
  • RBA-dated OIS pricing is flat to 3bps softer across meetings.
  • The AOFM plans to sell A$700mn of the 3.75% April 2037 on Wednesday, 6 December 2023.
  • (AFR) Sydney’s housing market could be on course for a double-dip downturn as early as next month, after prices slowed faster than expected in November, sparked by the Melbourne Cup interest rate rise and a large lift in listings, CoreLogic data shows. (See link)
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