Summary: 3-month, 6-month BBSW unchanged; swap rates lower across curve; spreads narrow.
3-month and 6-month BBSW both remained unchanged at 0.02% and 0.04% respectively.
Swap rates fell by increasing amounts along the curve, in contrast to their Commonwealth Government benchmarks. By the end of the week, the 1-year rate had returned to its starting point at 0.04%, the 3-year rate had shed 3bps to 0.40%, the 5-year rate had lost 2bps to 0.75%, the 10-year rate had fallen by 4bps to 1.28% while the 15-year rate finished 5bps lower to 1.56%.
As a result, swap spreads narrowed. By the end of the week, the 3-year spread had tightened by 4bps to 9bps, the 5-year spread had decreased by 3bps to 11bps while the 10-year spread narrowed by 6bps to 7bps.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.01 | 0.00 | 0.00 |
| 90 Day | 0.02 | 0.00 | 0.00 |
| 180 Day | 0.04 | 0.00 | -0.02 |
| 1 Year | 0.04 | 0.00 | -0.03 |
| 3 Year | 0.40 | -0.03 | -0.01 |
| 5 Year | 0.75 | -0.02 | -0.04 |
| 10 Year | 1.28 | -0.04 | -0.08 |
| 15 Year | 1.56 | -0.05 | -0.07 |