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Subdued Trading On A Data-Light Session

AUSSIE BONDS
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ACGBs (YM +2.0 & XM +0.5) are slightly stronger on a data-light session.

  • Outside of the previously outlined Judo Bank PMIs, there hasn't been much in the way of domestic drivers to flag.
  • Cash US tsys are flat to 1bp cheaper across benchmarks in today’s Asia-Pac session.
  • Cash ACGBs are flat to 2bps richer, with a steeper 3/10 curve and the AU-US 10-year yield differential at +8bps.
  • Swap rates are 1-2bps lower, with the 3s10s curve steeper.
  • The bills strip shows pricing flat to +2.
  • RBA-dated OIS pricing is flat to 2bps softer across meetings. A cumulative 21bps of easing is priced by year-end.
  • SAFA has priced an A$2bn increase to the 4.00% 24-May-2029 fixed rate sustainability bond, taking the total outstanding to A$4b. The transaction was priced with a re-offer spread of 51bps over the 3Y bond futures contract, equivalent to 45.4bps over the ACGB 3.25% 21 April 2029 and a re-offer yield of 4.01%. (per BBG)
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ACGBs (YM +2.0 & XM +0.5) are slightly stronger on a data-light session.

  • Outside of the previously outlined Judo Bank PMIs, there hasn't been much in the way of domestic drivers to flag.
  • Cash US tsys are flat to 1bp cheaper across benchmarks in today’s Asia-Pac session.
  • Cash ACGBs are flat to 2bps richer, with a steeper 3/10 curve and the AU-US 10-year yield differential at +8bps.
  • Swap rates are 1-2bps lower, with the 3s10s curve steeper.
  • The bills strip shows pricing flat to +2.
  • RBA-dated OIS pricing is flat to 2bps softer across meetings. A cumulative 21bps of easing is priced by year-end.
  • SAFA has priced an A$2bn increase to the 4.00% 24-May-2029 fixed rate sustainability bond, taking the total outstanding to A$4b. The transaction was priced with a re-offer spread of 51bps over the 3Y bond futures contract, equivalent to 45.4bps over the ACGB 3.25% 21 April 2029 and a re-offer yield of 4.01%. (per BBG)