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Mixed, Relatively Narrow Ranges, Nov-28 Supply Tomorrow

AUSSIE BONDS

ACGBs (YM -1.0 & XM +2.0) are slightly mixed after dealing in relatively narrow ranges in today’s Sydney session. There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined Melbourne Institute Inflation Expectations and Judo Bank Preliminary PMIs.

  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s modest post-FOMC Minutes cheapening.
  • Cash ACGBs are 1bp cheaper to 2bps richer, with the 3/10 curve flatter and the AU-US 10-year yield differential at -16bps.
  • The swaps curve has bear-flattened, with rates flat to 2bps higher.
  • The bills strip has slightly cheapened, with pricing flat to -1.
  • RBA-dated OIS pricing is 1-4bps firmer for meetings beyond August. Only 7bps of easing is priced by year-end.
  • Tomorrow, the local calendar is empty apart from the AOFM’s planned sale of A$900mn of the 2.75% Nov-28 bond.
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