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Slightly Richer, QTC Launch Tap Of Jul-36 Bond

AUSSIE BONDS

ACGBs (YM flat & XM +2.5) are slightly richer but near session cheaps. However, volumes have been low with cash US tsys closed for the 4th of July holiday. The focus is on the US employment report on Friday.

  • The trade surplus narrowed to A$5.773bn (estimate +A$6.328bn) in May from a revised +A$6.027bn in April. Exports rose 2.8% m/m versus a revised -2.2% in April. Imports rose 3.9% m/m versus a revised -7.0% in April.
  • Cash ACGBs are flat to 2bps richer, with the AU-US 10-year yield differential at +5bps. This marks the highest level since February.
  • The bills strip is little changed, with pricing -1 to +1.
  • RBA-dated OIS pricing is little changed across meetings today but remains 6-27bps firmer than pre-CPI levels. Terminal rate expectations sit at 4.49%.
  • QTC, rated AA+ (Stable) by S&P and Aa1 (Stable) by Moody’s, has announced a launch of an increase of QTC 5.25% 21 July 2036 A$ Fixed Rate Benchmark Bond, according to Westpac. (per BBG)
  • The bonds are Rule 144A eligible. Initial price guidance is a range of 99-102bps over the 10-year futures contract, [89.7-92.7] bps over the ACGB 3.75% 21 April 2037.
  • The joint lead managers are CBA, UBS and Westpac. This transaction is expected to price tomorrow, 4 July 2024, subject to market conditions.
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