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Weaker Ahead of New Dec-34 Bond

AUSSIE BONDS

ACGBs are trading weaker (YM -7.0 & XM -5.5) in a narrow range ahead of the pricing of the syndicated new Dec-34 bond. The AOFM announced that the initial issue will be of benchmark size with price guidance of a spread of 8.5 to 11.5bp over the implied bid yield for the 10-year bond futures contract.

  • US Tsys are holding marginally cheaper in Asia-Pac trade.
  • Cash ACGBs are 5-7bp cheaper with the 3/10 curve 2bp flatter and the AU-US 10-year yield differential +6 at -6bp.
  • Swap rates are 3-7bp higher with the 3s10s curve 3bp flatter and 10-year EFP 1bp tighter.
  • Bills strip pricing is -5 to -8 with late whites the weakest.
  • RBA dated OIS is 5-7bp firmer for meetings beyond July with 22bp of cumulative tightening priced for August.
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