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Cheaper, Off Session Bests, Private Sector Credit Slightly Beats

AUSSIE BONDS

ACGBs (YM -1.0 & XM -6.0) are weaker and off session bests after private sector credit for August prints slightly better than expected (+0.4% m/m vs. +0.3% est. and +0.3% prior). Loans to buy houses rose 0.3% m/m (+4.3% y/y), while lending to businesses rose 0.6% m/m (+7.4% y/y).

  • With the local calendar relatively light, domestic participants are also likely to be watching headlines and monitoring movements in US tsys in Asia-Pac trade.
  • US tsys have been marginally pressured in recent dealing and sit at session lows, 1-2bps cheaper across the major benchmarks.
  • Cash ACGBs are 1-6bps cheaper, with the AU-US 10-year yield differential 6bps higher at -8bps.
  • The swaps curve has bear-steepened, with rates flat to 5bps higher.
  • The bills strip is little changed.
  • RBA-dated OIS pricing is slightly softer across meetings.
  • (AFR) Households have raided their bank account savings for the first time since 2007 and pulled back on retail spending, as Treasurer Jim Chalmers said interest rate rises were already biting to reduce inflation. (See link)
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