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AUSSIE BONDS: Subdued Session Ahead Of US CPI

AUSSIE BONDS
BulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM -2.0 & XM -2.0) are slightly cheaper after trading in a narrow range in today's Sydney session.   

  • Cash US tsys are flat to 1bp richer in today’s Asia-Pac session after yesterday’s directionless session. Focus turns to today’s CPI inflation data for December where rental inflation is expected to accelerate to an average figure that firmly rounds to 0.3% M/M in December.
  • Cash ACGBs are 1-2bps cheaper with the AU-US 10-year yield differential at -14bps.
  • Swap rates are 2-3bps higher.
  • The bills strip flat to -1 across contracts.
  • RBA-dated OIS pricing is little changed across meetings today. A 25bp rate cut is fully priced for April (101%) now, with the probability of a February cut at 68% (based on an effective cash rate of 4.34%).
  • Today, the local calendar is empty.
  • Expectations of strong pricing at auctions were confirmed, with the latest ACGB Dec-34 supply achieving a weighted average yield that printed 0.70bp through prevailing mids (per Yieldbroker). The cover ratio also improved, rising to 2.8875x from 2.8375x. 
  • AOFM Bond issuance will issue A$700mn of the 2.75% 21 November 2027 bond on Friday. 
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ACGBs (YM -2.0 & XM -2.0) are slightly cheaper after trading in a narrow range in today's Sydney session.   

  • Cash US tsys are flat to 1bp richer in today’s Asia-Pac session after yesterday’s directionless session. Focus turns to today’s CPI inflation data for December where rental inflation is expected to accelerate to an average figure that firmly rounds to 0.3% M/M in December.
  • Cash ACGBs are 1-2bps cheaper with the AU-US 10-year yield differential at -14bps.
  • Swap rates are 2-3bps higher.
  • The bills strip flat to -1 across contracts.
  • RBA-dated OIS pricing is little changed across meetings today. A 25bp rate cut is fully priced for April (101%) now, with the probability of a February cut at 68% (based on an effective cash rate of 4.34%).
  • Today, the local calendar is empty.
  • Expectations of strong pricing at auctions were confirmed, with the latest ACGB Dec-34 supply achieving a weighted average yield that printed 0.70bp through prevailing mids (per Yieldbroker). The cover ratio also improved, rising to 2.8875x from 2.8375x. 
  • AOFM Bond issuance will issue A$700mn of the 2.75% 21 November 2027 bond on Friday.