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Holding Cheaper In The Middle Of Today’s Relatively Narrow Ranges

AUSSIE BONDS

ACGBs (YM -3.0 & XM -4.5) are holding cheaper and sit in the middle of the relatively narrow ranges seen in today’s Sydney session. ACGBs have largely through potentially constructive developments abroad, namely richer cash US tsys following President Biden’s announcement that he would not contest the November election and the surprise monetary easing by the PBoC. The PBoC announced a 10bp cut to the 7-day reverse repo rate, along with lower 1yr and 5yr LPRs.

  • The domestic calendar is empty today.
  • Cash ACGBs are 3-4bps cheaper, with the AU-US 10-year yield differential at +10bps.
  • Swap rates are 3-4bps higher, with EFPs little changed.
  • The bill strip pricing is -2 to -4.
  • RBA-dated OIS pricing is 1-3bps firmer for 2025 meetings. Terminal rate expectations sit at 4.44%.
  • The AOFM announced on Friday that a new 21 December 2035 Treasury Bond is planned to be issued via syndication this week (subject to market conditions). The issue size is around $10bn.
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