The physical bank bill rate added 1bp to 1.73%, as did 3 month BBSW. The Government yield curve flattened as yields fell more at the long end and swap rates generally moved in a similar fashion. The 1 year rate slipped 1bp to 1.77%, 3 year swap rates lost 2bps to 1.99%, 5 year rates fell 3bps to 2.34%, 10 year swap dropped 5bps to 2.71% and the 15 year swap rate lost 6bps to 2.93%.
The 3 year swap spread was unchanged at 8bps, the 5 year spread tightened by 1bp to 24bps while the 10 year spread widened by 2bps to 20bps.
AFMA BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 1.65 | 0.02 | 0.05 |
| 90 Day | 1.73 | 0.01 | 0.03 |
| 180 Day | 1.89 | 0.00 | -0.01 |
| 1 Year | 1.77 | -0.01 | -0.04 |
| 3 Year | 1.99 | -0.02 | -0.16 |
| 5 Year | 2.34 | -0.03 | -0.22 |
| 10 Year | 2.71 | -0.05 | -0.24 |
| 15 Year | 2.93 | -0.06 | -0.25 |