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Light Local Calendar, Subdued Trading, US Tsys Providing Support

AUSSIE BONDS

ACGBs (YM -4.0 & XM -2.5) are holding weaker after dealing in narrow ranges in today’s Sydney session. With the domestic calendar light today, cash US tsys have been the key influence on the local market. Cash US tsys are 1-2bps richer in today’s Asia-Pac session, ahead of Regional Fed and Existing Home Sales data and a $69bn 2Y Note auction.

  • The AOFM sold A$100mn of 2.50% 20 Sep 2030 inflation-linked bond at a weighted average yield of 1.7172%, with a cover ratio of 3.4500x.
  • Cash ACGBs are 3bps cheaper, with the AU-US 10-year yield differential at +10bps.
  • Swap rates are 2bps higher.
  • The bills strip has bear-steepened, with pricing flat to -3.
  • RBA-dated OIS pricing is little changed out to May-25 and 1-2bps firmer beyond. Terminal rate expectations sit at 4.43%.
  • Tomorrow, the local calendar will see Preliminary Judo Bank PMIs. This will be the data highlight for the week.
  • ICYMI, the AOFM announced on Friday that a new Dec-35 bond is planned to be issued via syndication this week (subject to market conditions). The issue size is expected to be around $10bn.
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