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Off Cheaps But Eyeing Weaker U.S. Tsys In Asia-Pac

AUSSIE BONDS

After being pressured by overnight moves in U.S Tsy yields early, ACGBs move off session cheaps (YM -21.0 & XM -9.0) despite some extension selling in cash U.S. Tsys after the open as Asia-Pac participants digest the $30bn rescue package for First Republic.

  • Cash ACGBs are 9-17bp weaker with the curve 10bp flatter. AU/US 10-year yield differential is unchanged at -16bp after being +2bp earlier.
  • The move away from session cheaps and the unwinding early underperformance versus U.S. Tsys appeared aided by a note WBC flagging a change in call for the April RBA meeting to unchanged from 25bp previously.
  • Swaps rates are 6-16bp higher with the 3s10s curve 10bp flatter and EFPs 3-4bp tighter.
  • RBA dated OIS opens 20-25bp firmer for meetings beyond May. April meeting pricing remains essentially flat with 17bp of easing priced by year-end.
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