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Weaker, At Cheaps, Tracking US Tsys

AUSSIE BONDS

ACGBs sit weaker (YM -4.0 & XM -5.0) at or near session cheaps as US Tsys pare early Asia-Pac strength. Without any tier-one economic data or meaningful headlines, the local market appeared happy to track US Tsys.

  • Cash ACGBs are 4-5bp cheaper with the AU-US 10-year yield differential unchanged at -10bp.
  • Swap rates are 3bp higher with EFPs 1bp tighter.
  • Bills pricing is -4 to -5 across the strip.
  • RBA dated OIS pricing is flat to 3bp firmer across meetings with November leading.
  • Trade data surprised on the upside with Export Prices +1.6% Q/Q and Import Prices -4.2% Q/Q versus expectations of -2.6% and +0.5% respectively.
  • NSWTC priced today A$2.5bn of the new 4.25% 20 February 2036 benchmark bond via syndication after yesterday's launch. Joint lead managers for the transaction were Commonwealth Bank of Australia, UBS and Westpac.
  • The local calendar is relatively light ahead of the RBA Decision Meetings on Tuesday with the release of Private Sector Credit and PPI data tomorrow as the highlights.
  • Accordingly, the local market will likely seek guidance from US Tsys through the release of Q1 GDP later today and the March PCE Deflator tomorrow.
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