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Slightly Cheaper, RBA Minutes & NZ Q3 CPI Tomorrow

AUSSIE BONDS

ACGBs (YM -1.0 & XM flat) are slightly cheaper, near session lows, after dealing in narrow ranges in the Sydney session.

  • The local data calendar has been empty today, ahead of the RBA Minutes for the October meeting tomorrow.
  • Hence, local participants have likely been on headlines and US tsys watch during today’s session after risk-off gripped the markets on Friday as investors fretted over an escalation of the Middle East conflict.
  • US tsys are dealing 1-6bps cheaper in the Asia-Pac session, with the curve steeper.
  • Cash ACGBs are flat, with the AU-US 10-year yield differential 1bp higher at -19bps.
  • Swap rates are 1bp lower, with EFPs slightly tighter.
  • The bills strip is weaker, with pricing flat to -1.
  • RBA-dated OIS pricing is little changed across meetings.
  • Tomorrow also sees the release of NZ Q3 CPI data. Australia’s Q3 CPI is released on October 25.
  • On Friday, the AOFM announced that a new 21 June 2054 Treasury Bond is planned to be issued via syndication this week, subject to market conditions. Joint lead managers are: Barrenjoey Markets; Commonwealth Bank of Australia; J.P. Morgan Securities Australia; UBS Australia Branch and Westpac.
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