20 July – 24 July 2015

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3y bonds closed down 12bps to 1.90% and 10y bonds closed down 14bps at 2.85% (falling on 4 of 5 trading days). There was a slew of data and announcements last week including the June quarter CPI, the RBA minutes, and consumer confidence figures all of which presaged a possible further rate cut. The underlying CPI, edged up 0.5% Q/Q to 2.3% Y/Y (from 2.4% Y/Y in Q1). Greece has faded from view, at least for now, but China’s weak flash PMI figures at the end of the week added to weaker global growth prospects. Glenn Stevens’ Anika Foundation speech also indicated the RBA maintains an easing bias.

There was just the one bond tender last week with $900m of the April 2025 sold with an subdued coverage ratio of 2.4x.

yield-goverment-24july
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AUST GOVT BONDS

MATURITYCOUPON
(%)
ISSUE
SIZE ($M)
CLOSING
YIELD
Δ WEEKΔ MONTHWEEK
HIGH
WEEK
LOW
WEEKLY
ASX T/OVER
$ VALUE
21-Oct-154.7511,3992.000.00-0.012.012.000
15-Jun-164.7521,9001.92-0.03-0.051.951.92103099
15-Feb-176.0021,0961.89-0.05-0.121.951.8958539
21-Jul-174.2518,9001.87-0.09-0.171.951.870
21-Jan-185.5020,5001.85-0.11-0.211.971.85157534
21-Oct-183.2513,5001.89-0.12-0.222.011.890
15-Mar-195.2521,4471.92-0.13-0.232.051.9219283
21-Oct-192.7511,7002.02-0.13-0.242.152.0214952
15-Apr-204.5020,3972.07-0.14-0.262.202.070
21-Nov-201.755,0002.21-0.15-0.282.352.210
15-May-215.7522,2992.26-0.14-0.262.392.268353
15-Jul-225.7518,2002.46-0.13-0.252.592.4610247
21-Apr-235.5021,3002.59-0.14-0.242.712.590
21-Apr-242.7522,9002.72-0.13-0.252.842.720
21-Apr-253.2518,9002.82-0.13-0.242.932.820
21-Apr-264.2516,9002.90-0.13-0.233.012.900
21-Apr-274.7515,1002.96-0.13-0.223.082.960
21-Apr-293.259,7003.12-0.13-0.223.243.1255156
21-Apr-334.509,8003.28-0.13-0.243.393.280
21-Jun-352.754,2503.40-0.14-0.243.523.400
21-Apr-373.757,5003.43-0.13-0.243.543.4335062

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