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Stronger But Eyeing Reaction To Weekend News

AUSSIE BONDS

ACGBs are firmer from the Asia-Pac close (YM +9.0 & XM +5.5) but re-open slightly softer in the Sydney session after news out over the weekend that UBS had taken over embattled Credit Suisse for around $2bn. Also, out is an announcement of coordinated central bank action to enhance the provision of U.S. dollar liquidity. Ahead of the weekend, U.S. Tsys bull steepened with 2-year and 10-year yields respectively 32bp and 15bp lower.

  • Cash ACGBs open 6-8bp richer with the curve 3bp steeper.
  • Swaps rates are 6-8bp stronger with the curve 3bp steeper.
  • Bills are 6-17bp richer led by the whites.
  • Last week the market moved to price an end to the tightening cycle. RBA dated OIS pricing opens holding Friday’s pricing with April meeting flat and 18bp of easing priced for year-end.
  • The local docket is light with today’s (commencing soon at 2205 GMT) RBA Kent's speech “Long and Variable Monetary Policy Lags” at the KangaNews DCM Summit and RBA Minutes (Tue) the highlights.
  • All eyes however will be on the FOMC meeting (Tue/Wed) to see if the Fed will keep monetary and financial stability decisions separate. BBG consensus currently expects a 25bp hike, although some analysts are expecting a no change decision.
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