AUSSIE BONDS: Richer With Cash US Tsys As They Resume Trading After Columbus Day
Oct-15 01:40
ACGBs (YM +3.0 & XM +3.5) are stronger and at Sydney session highs in today’s data light session.
- Accordingly, the local market’s strength appears driven by cash US tsys, which are flat to 3bps richer, with a flattening bias, in today’s Asia-Pac session after yesterday’s Columbus Day holiday.
- Cash ACGBs are 2-3bps richer with the AU-US 10-year yield differential at +16bps.
- The bills strip has bull-flattened, with pricing +1 to +4 across contracts.
- RBA-dated OIS pricing is slightly softer across meetings. A cumulative 7bps of easing is priced by year-end.
- Today’s auction of A$100mn of the 0.25% 21 November 2032 Index-Linked bond cleared at 1.8566%, 0.5bp through the prevailing mids, with a cover ratio of 4.61x. The AOFM plans to sell A$700mn of the 3.75% 21 May 2034 bond tomorrow.
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