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AUSSIE BONDS: Tracking US Tsys As Market Adjusts To Weekend’s Tariff News

AUSSIE BONDS
BulletAPACFixed Income BulletsAustraliaMarkets

ACGBs (YM +6.0 & XM +5.5) are richer and near session highs.

  • Outside of the previously outlined retail sales, building approvals and job ads there hasn't been much by way of domestic drivers to flag.
  • The strengthening observed during the session appears more closely linked to movements in US tsys following the weekend’s US tariff announcements and the subsequent retaliatory measures by Canada and Mexico. China has also indicated it will implement countermeasures and file a complaint with the World Trade Organization.
  • In today’s Asia-Pacific session, cash US tsys have twist-flattened, with yields ranging from 4bps higher to 5bps lower. In addition to tariff developments, this week’s focus in the US will be on a heavy slate of corporate earnings, key CPI and PPI inflation data, and January’s headline employment report.
  • Cash ACGBs are 5-6bps richer with the AU-US 10-year yield differential at -13bps.
  • Swap rates are 5bps lower.
  • The bills strip is richer, with pricing +2 to +6.
  • Tomorrow, the local calendar will see Household Spending and S&P Global Composite & Services PMIs.
  • A new 21 March 2036 Treasury Bond is planned to be issued via syndication this week (subject to market conditions). The Joint Lead Managers are: Barrenjoey Markets; Commonwealth Bank of Australia; National Australia Bank Limited; and UBS.
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ACGBs (YM +6.0 & XM +5.5) are richer and near session highs.

  • Outside of the previously outlined retail sales, building approvals and job ads there hasn't been much by way of domestic drivers to flag.
  • The strengthening observed during the session appears more closely linked to movements in US tsys following the weekend’s US tariff announcements and the subsequent retaliatory measures by Canada and Mexico. China has also indicated it will implement countermeasures and file a complaint with the World Trade Organization.
  • In today’s Asia-Pacific session, cash US tsys have twist-flattened, with yields ranging from 4bps higher to 5bps lower. In addition to tariff developments, this week’s focus in the US will be on a heavy slate of corporate earnings, key CPI and PPI inflation data, and January’s headline employment report.
  • Cash ACGBs are 5-6bps richer with the AU-US 10-year yield differential at -13bps.
  • Swap rates are 5bps lower.
  • The bills strip is richer, with pricing +2 to +6.
  • Tomorrow, the local calendar will see Household Spending and S&P Global Composite & Services PMIs.
  • A new 21 March 2036 Treasury Bond is planned to be issued via syndication this week (subject to market conditions). The Joint Lead Managers are: Barrenjoey Markets; Commonwealth Bank of Australia; National Australia Bank Limited; and UBS.