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Richer, Narrow Range, Guided By US Tsys

AUSSIE BONDS

ACGBs (YM +1.0 & XM +3.0) are stronger after trading in a relatively narrow range in the Sydney session. Without economic data or local headlines, the domestic market has likely been guided by early Asia-Pac trade in US tsys.

  • US tsys are dealing flat to 3bp richer with the benchmark curve flatter. Local participants are possibly digesting yesterday's dovish Fedspeak by Philadelphia Fed President Harker as well as a strong 3-year auction.
  • The latest round of ACGB Jun-35 supply sees smooth digestion with the weighted average yield printing 0.94bp through prevailing mids (per Yieldbroker), extending the recent trend of firm pricing at ACGB auctions. A higher outright yield and steeper curve seemingly supported demand, although the cover ratio was lower than the previous auction.
  • Cash ACGBs are 1-4bp richer with the AU-US 10-year yield differential at -3bp.
  • Swap rates are flat to 2bp lower.
  • Bills strip is cheaper with pricing flat to -4, with late whites leading.
  • RBA-dated OIS pricing is 1-4bp firmer with ’24 meetings leading.
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