Summary: 3-month, 6-month BBSW unchanged; swap rates higher across curve; spreads tighten.
3-month and 6-month BBSW both remained unchanged at 0.01% and 0.03% respectively.
Swap rates rose by increasing amounts along the curve but not quite as much as their Commonwealth Government benchmarks. By the end of the week, the 1-year rate had inched up 1bp to 0.04%, the 3-year rate had added 6bps to 0.40%, 5-year and 10-year rates each finished 10bps higher at 0.76% and 1.29% respectively while the 15-year rate finished 9bps higher at 1.56%.
As a result, swap spreads narrowed. By the end of the week, the 3-year spread had lost 3bps to 13bps, the 5-year spread had narrowed by 1bp to 13bps while the 10-year spread also finished 1bp lower at 10bps.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.01 | 0.00 | 0.00 |
| 90 Day | 0.01 | 0.00 | -0.01 |
| 180 Day | 0.03 | 0.00 | -0.02 |
| 1 Year | 0.04 | 0.01 | 0.00 |
| 3 Year | 0.40 | 0.06 | 0.05 |
| 5 Year | 0.76 | 0.10 | 0.07 |
| 10 Year | 1.29 | 0.10 | 0.01 |
| 15 Year | 1.56 | 0.09 | -0.01 |