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Reverses Weaker Through The Session, Capex Data & US Tsys Weigh

AUSSIE BONDS

ACGBs (YM +1.0 & XM -2.5) are mixed after giving up the initial positive reaction to the previously outlined weaker-than-expected Q3 capex data. The market possibly turned its attention to the fact that the data showed the 5th consecutive quarter of growth and Q2 was revised up 0.6pp to 3.4%. It now stands 10.7% higher y/y. Additionally, investment expectations showed a positive outlook, with plans revised 8.5% higher for this financial year.

  • Slightly cheaper cash US tsys in the Asia-Pac session has also likely weighed on the local market. Weaker than expected China PMI data failed to deliver a bid to global bonds.
  • The cash 3/10 curve has twist-steepened, with yield movement bounded by +/- 2bps. The AU-US 10-year yield differential is 1bp wider at +11bps.
  • The swaps curve has bear-steepened, with rates flat to 4bps higher.
  • The bills strip is mixed, with pricing -2 to +2.
  • RBA-dated OIS pricing is little changed across meetings.
  • NSW TCorp has priced an A$1.5 billion increase to the 4.25% 20 February 2036 benchmark bond. The transaction was priced at 5.24% and a spread of 82.73bps over the ACGB 2.75% June 2035.
  • Tomorrow, the local calendar sees CoreLogic House Price and Judo Bank Australia PMI Mfg data.
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