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Slightly Cheaper, Narrow Ranges On A Data-Light Session

AUSSIE BONDS

ACGBs (YM -2.0 & XM -0.5) are slightly weaker after dealing in relatively narrow ranges in today’s data-light Sydney session.

  • The AOFM’s sale of A$700mn of the 4.75% 21 April 2027 bond went well, with pricing comfortably through mids and the cover ratio printing a robust 3.3929x, although lower than last auction’s 3.8375x (10 April).
  • The line’s inclusion in the YM basket and improved sentiment towards global bonds likely proved supportive. The RBA’s relatively hawkish stance at this week’s policy meeting didn’t appear to deter today’s bid.
  • Cash ACGBs are 1-2bps cheaper, with the AU-US 10-year yield differential at +11bps. Cash US tsys are 2-3bps richer in today’s Asia-Pac session.
  • Swap rates are flat to 1bp higher.
  • The bills strip is slightly mixed, with pricing -1 to +1.
  • RBA-dated OIS pricing is 1-3bps firmer across meetings. As a result, pricing is 5-20bps firmer across meetings than pre-RBA levels on Tuesday. A cumulative 22bps of easing is priced by year-end versus 30bps before the RBA decision.
  • Next week, the local calendar will see a speech by Andrew Hauser, RBA Deputy Governor on Monday followed by Consumer and Business Confidence and the Wage Price Index on Tuesday.
  • The AOFM plans to sell A$800mn of the 3.50% 21 December 2034 bond on Wednesday and A$700mn of the 2.25% 21 May 2028 on Friday.
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