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Mixed Dealings, RBA Minutes Tomorrow, New Syndicated Jun-54 Bond This Week

AUSSIE BONDS

ACGBs (YM -1.0 & XM +1.5) are slightly mixed despite a positive lead-in from US Tsys in dealings ahead of the weekend. Risk off was the flavour of the day on Friday as investors fretted over an expected Israeli ground invasion of Gaza and worried over a widening of the conflict. Market sentiment during the session can be summed up by richening US tsys, a firmer USD, and higher oil and gold prices.

  • US tsys finished dealings with the curve flatter. The 10-year yield finished 8bps lower at 4.61%, while the 2-year finished 1bp lower at 5.05%.
  • Cash ACGBs are flat to 1bp richer, with the AU-US 10-year yield differential 3bps higher at -16bps.
  • Swap rates are 1-2bps lower, with the 3s10s curve flatter and EFPs slightly tighter.
  • The bills strip is weaker, with pricing flat to -2.
  • RBA-dated OIS pricing is flat to 2bps firmer across meetings.
  • Today, the local calendar sees a speech by RBA Assistant Governor Jones at the AFR Cryptocurrency Summit, ahead of the RBA Minutes for the October meeting tomorrow.
  • On Friday, the AOFM announced that a new 21 June 2054 Treasury Bond is planned to be issued via syndication this week, subject to market conditions.
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