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Cheaper, Narrow Ranges, Light Local Calendar

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ACGBs (YM -7.0 & XM -6.5) remain cheaper after dealing in narrow ranges in today’s Sydney session.

  • The local calendar has been light today apart from Nov-28 supply. As outlined in our preview, we expected continued firm pricing but with a less aggressive bid. This proved correct with the weighted average yield print 0.8bp through prevailing mids but the cover ratio declining to 2.4556x from 3.3687x at the 7 February auction.
  • The line not being included in the YM basket and a less optimistic outlook for RBA policy than in February appear to have impacted the level of demand.
  • Cash US tsys are dealing 1-2bps richer in today’s Asia-Pac session after yesterday’s sell-off.
  • Cash ACGBs are 6bps cheaper with the AU-US 10-year yield differential at -15bps.
  • Swap rates are 5bps higher, with EFPs tighter.
  • The bills strip has bear-steepened, with pricing -1 to -7.
  • RBA-dated OIS pricing is 3-6bps firmer for 2025 meetings. Only 6bps of easing is priced by year-end.
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ACGBs (YM -7.0 & XM -6.5) remain cheaper after dealing in narrow ranges in today’s Sydney session.

  • The local calendar has been light today apart from Nov-28 supply. As outlined in our preview, we expected continued firm pricing but with a less aggressive bid. This proved correct with the weighted average yield print 0.8bp through prevailing mids but the cover ratio declining to 2.4556x from 3.3687x at the 7 February auction.
  • The line not being included in the YM basket and a less optimistic outlook for RBA policy than in February appear to have impacted the level of demand.
  • Cash US tsys are dealing 1-2bps richer in today’s Asia-Pac session after yesterday’s sell-off.
  • Cash ACGBs are 6bps cheaper with the AU-US 10-year yield differential at -15bps.
  • Swap rates are 5bps higher, with EFPs tighter.
  • The bills strip has bear-steepened, with pricing -1 to -7.
  • RBA-dated OIS pricing is 3-6bps firmer for 2025 meetings. Only 6bps of easing is priced by year-end.