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Dealing On Stronger Note, Light Local Calendar

AUSSIE BONDS

ACGBs (YM +6.0 & XM +9.5) are sharply higher and at Sydney session highs. Without domestic catalysts, the local market has extended the positive lead-in from US tsy dealings on Friday. This extension has been in line with a strengthening by US tsys in today’s Asia-Pac session. Cash US tsys are 1-2bps richer across benchmarks.

  • Cash ACGBs are 6-10bps richer, with the AU-US 10-year yield differential at -12bps.
  • Swap rates are 4-8bps lower, with the 3s10s curve flatter.
  • The bills strip has extended its bull-flattening, with pricing flat to +6.
  • RBA-dated OIS pricing is flat to 4bps softer across meetings. A cumulative 36bps of easing is priced by year-end.
  • The local calendar is empty today, with January CPI (Wed) and Retail Sales (Thu) as the week's highlights.
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