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Richer But Mid-Range Ahead Of FOMC Minutes

AUSSIE BONDS
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ACGBs (YM +6.0 & XM +6.0) are stronger but currently sit in the middle of the Sydney session’s ranges. With today’s domestic data drop (the Westpac Leading Index) failing to move the market, as expected, the local market has drifted after the positive lead-in from US tsys overnight.

  • Cash US tsys are little changed in today’s Asia-Pac session ahead of the release of the FOMC Minutes later today.
  • Nevertheless, the market’s attention already appears to have turned to the KC Fed-hosted Jackson Hole economic symposium, which will be held Aug. 22-24.
  • Cash ACGBs are 6bps richer with the AU-US 10-year yield differential at +8bps.
  • Swap rates are 6-7bps lower.
  • The bills strip has bull-flattened, with pricing flat to +8.
  • RBA-dated OIS pricing is 3-7bps softer for 2025 meetings. A cumulative 20bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see Judo Bank PMIs.
  • QTC has priced a new A$2.5 billion 5.00% 21 July 2037 Fixed Rate Benchmark Bond. The transaction has a re-offer yield of 5.005%, a clean re-offer price of 99.948% with a re-offer spread of 110bps over the 10-year futures contract, equating to 98.9bps over the ACGB 3.75% 21 April 2037. (per BBG)
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ACGBs (YM +6.0 & XM +6.0) are stronger but currently sit in the middle of the Sydney session’s ranges. With today’s domestic data drop (the Westpac Leading Index) failing to move the market, as expected, the local market has drifted after the positive lead-in from US tsys overnight.

  • Cash US tsys are little changed in today’s Asia-Pac session ahead of the release of the FOMC Minutes later today.
  • Nevertheless, the market’s attention already appears to have turned to the KC Fed-hosted Jackson Hole economic symposium, which will be held Aug. 22-24.
  • Cash ACGBs are 6bps richer with the AU-US 10-year yield differential at +8bps.
  • Swap rates are 6-7bps lower.
  • The bills strip has bull-flattened, with pricing flat to +8.
  • RBA-dated OIS pricing is 3-7bps softer for 2025 meetings. A cumulative 20bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see Judo Bank PMIs.
  • QTC has priced a new A$2.5 billion 5.00% 21 July 2037 Fixed Rate Benchmark Bond. The transaction has a re-offer yield of 5.005%, a clean re-offer price of 99.948% with a re-offer spread of 110bps over the 10-year futures contract, equating to 98.9bps over the ACGB 3.75% 21 April 2037. (per BBG)