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Little Changed On The Day After Domestic Data Drop

AUSSIE BONDS

ACGBs (YM -2.0 & XM flat) are little changed on the day after today’s domestic data drop. The data was across the board stronger than expected. Q4 Net Exports contributed 0.6pp to Q4 GDP versus expectations of +0.2pp, while the Current Account printed +A$11.8bn versus expectations of +5.0bn.

  • General Government Fnal Consumption Expenditure is expected to contribute 0.1pp to Q4 GDP, while Total Public Gross Fixed Capital Formation is expected to contribute 0.0pp.
  • Cash US tsys are dealing little changed so far in today's Asia-Pac session after yesterday's bear-flattening.
  • Cash ACGBs are flat to 1bp cheaper, with the AU-US 10-year yield differential 1bp lower at -11bps.
  • Swap rates are flat to 1bp higher.
  • The bills pricing is flat to -2.
  • RBA-dated OIS pricing is little changed.
  • QTC has announced the launch of an increase of QTC 5.25% Jul-36 A$ Fixed Rate Benchmark Bond. The Bonds are Rule 144A eligible. Initial price guidance is a range of 78.5-81.5 bps over the 10-year futures contract, [67.1-70.1] bps over the ACGB 3.75% 21 April 2037. Joint lead managers are Deutsche Bank, UBS and Westpac. This transaction is expected to price tomorrow, subject to market conditions.
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