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​Off Cheaps After Data, But Yields Still Higher

AUSSIE BONDS

ACGBs are slightly stronger (YM -10.0 & XM -7.0) following the release of the April NAB Business Survey and March Building Approvals data. Business confidence rose 1pt to flat while business conditions dropped to +14 from +16 in March. Building approvals data undershot expectations with a decline of 0.1% m/m in March (+3.0% est.) following a revised +3.9% in February.

  • Cash ACGBs are 7-9bp cheaper on the day after being as weak as 10-13bp cheaper in early trade.
  • With little in the way of meaningful macro news flow Us tsys are little changed in Asia-Pac trade.
  • The AU-US 10-year yield differential is +2bp at -4bp.
  • The swaps curve is little changed after the data drop with rates 6-7bp higher on the day and the 3s10s curve 1bp flatter.
  • The bills strip is steeper but with pricing off session cheaps at -3 to -11.
  • RBA dated OIS pricing is 5-9bp firmer for meetings beyond October with early'24 leading.
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