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Slightly Richer, Narrow Ranges, Light Local Calendar

AUSSIE BONDS

ACGBs (YM +1.0 & XM +3.5) are slightly richer, after dealing in relatively narrow ranges so far in the Sydney session. With the local calendar light until the release of the CPI Monthly for August on Wednesday, local participants have likely eyed the opening in US tsys. Cash US tsys are dealing flat to 2bps cheaper across major benchmarks in Asia-Pac trade.

  • Cash ACGBs are 1-3bps richer, with the AU-US 10-year yield differential unchanged at -15bps.
  • Swap rates are 1-3bps lower, with EFPs slightly wider and the 3s10s curve flatter.
  • Bill strip pricing is +1 to +2.
  • RBA-dated OIS pricing is 2-4bbps softer for ’24 meetings.
  • (AFR) RBA governor Michele Bullock is holding off committing to revealing board votes on interest rate decisions and all members giving speeches, as recommended by an independent review. (See link)
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