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Little Changed, Cash US Tsys Closed, May-28 Supply Tomorrow

AUSSIE BONDS

ACGBs (YM -1.0 & XM +1.5) are slightly mixed after a subdued session. Volumes have been low with cash US tsys closed for the 4th of July holiday. The focus is on the US employment report on Friday.

  • Outside of the previously outlined trade balance, there hasn't been much in the way of domestic drivers to flag.
  • Cash ACGBs are 1bp cheaper to 1bp richer, with the 3/10 curve flatter.
  • The bills strip is little changed, with pricing -1 to +1.
  • RBA-dated OIS pricing is little changed across meetings today but remains 6-27bps firmer than pre-CPI levels. Terminal rate expectations sit at 4.49%.
  • QTC has announced the launch of an increase of QTC 5.25% 21 July 2036 A$ Fixed Rate Benchmark Bond. Initial price guidance is a range of 99-102bps over the 10-year futures contract, [89.7-92.7] bps over the ACGB 3.75% 21 April 2037. This transaction is expected to price tomorrow subject to market conditions.
  • (Bloomberg) Australia hopes to issue another green bond in two years as it builds a sovereign green curve, Anna Hughes, chief executive officer of the AOFM. (See link)
  • Tomorrow, the local calendar will see Foreign Reserves data alongside the AOFM planned sale of A$900mn of the 2.25% 21 May 2028 bond.
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