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Off Session Cheaps

AUSSIE BONDS

ACGBs remain heavy (YM -10.0 & XM -11.5) but off session lows as cash U.S. Tsys open 2-3bp stronger in early Asia-Pac trade. Well received Nov-33 supply also appeared to contribute to the push away from cheaps. Cash ACGBs are 9-11bp weaker on the day but 5-6bp stronger than session cheaps. AU/US 10-year yield differential is -29bp, just above its cycle low of -32bp.

  • Swaps are 9-10bp cheaper with the 3s10s 1bp steeper and EFPs 1-2bp tighter.
  • RBA dated OIS is 7-11bp firmer across meetings beyond April with 30bp of easing priced by year-end. April meeting pricing is flat.
  • On the local data front, Westpac leading Index signalled below-trend growth with a -0.06% M/M print in February after -0.12% M/M in January.
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