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Cheaper With US Tsys, Nov-33 Supply Due

AUSSIE BONDS

ACGBs (YM -2.0 & XM -5.5) are cheaper after US tsys finished with a twist-steepening, pivoting at the 5s. Yields were 2bps lower to 4bps higher after a NY session that lacked catalysts to drive the market. US bond supply was heavy with a $61bn 2-year auction and another hefty corporate slate. The 2-year yield declined 2bps after a solid auction. The 2-year was further supported bycomments from former St Louis Fed’s Bullard, who saw prospects for the Fed cutting in 1H24 before inflation returns to the 2% target.

  • Judo Bank PMIs for January (preliminary) printed: Mfg 50.3 vs. 47.6 in Dec, Services 47.9 from 47.1 in Dec and Composite 48.1 from 46.9 in Dec.
  • PM Albanese will take an economic plan to the party room this afternoon. Commenting at a press conference, Albanese said the plan will focus on helping ‘middle Australia’.
  • Cash ACGBs are 2-5bps cheaper, with the AU-US 10-year yield differential 2bps wider at +12bps.
  • There has been little reaction to the Q4 NZ CPI, which printed in line with expectations.
  • Swap rates are 2-5bps higher, with the 3s10s curve steeper.
  • The bills strip is cheaper, with pricing flat to -2.
  • RBA-dated OIS pricing is 1-3bps softer for meetings beyond May.
  • Today, the AOFM plans to sell A$800mn of the Nov-33 bond.
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