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Richer, Off Best Levels, Light Local Calendar

AUSSIE BONDS

ACGBs (YM +1.0 & XM +2.0) are richer but off Sydney session highs on a light data day. With the local market lacking news flow, domestic participants appear to have used US tsy dealings in today’s Asia-Pac session for directional guidance after being closed on Monday and Tuesday for the Christmas holiday period.

  • Cash US tsys are dealing 1-2bps richer across the major benchmarks in a relatively muted start to Wednesday's dealing.
  • Cash ACGBs are 2-3bps richer, with the AU-US 10-year yield differential at +10bps.
  • Swap rates are 3-4bps lower.
  • The bills strip is firmer, with pricing flat to +4. Early reds are leading.
  • RBA-dated OIS pricing is flat to 3bps softer across meetings, with Nov’24 leading.
  • Tomorrow, the local calendar is empty again.
  • Details on issuance plans (including any new planned bond lines) for the second half of 2023-24 will be provided on 5 January 2024 by the AOFM.
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