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Slightly Weaker After RBA Minutes

AUSSIE BONDS

ACGBs are flat to 1bp cheaper (YM -8.0 & XM -8.5) after the RBA Minutes for April fail to provide much in the way of new information. The pause in April was deemed to be consistent with policymaking pre-pandemic and allowed the full effects of previous rate hikes to be felt with a lag. The RBA stressed that rate hikes at future meetings may be needed depending on how the economy, household spending, inflation and employment play out.

  • Cash ACGBs are 1-2bp weaker after the Minutes release to 7-9bp cheaper on the day.
  • Swap rates are also 8bp weaker on the day.
  • Bills strip is 1-2 cheaper after the Minutes release with pricing -2 to -9.
  • RBA dated OIS is little changed after the Minutes release with pricing flat to 3bp firmer across meetings.
  • Elsewhere, the AOFM announced the launch via syndication of the new Dec-34 bond today with the initial issue to be of benchmark size. The issue is expected to be priced on Wednesday, 19 April. ANZ, CBA, Deutsche Bank and NAB will act as joint-Lead managers.
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