The physical bank bill rate lost 2bps to 0.10%, as did 3-month BBSW. 6-month BBSW ticked 1bp lower to 0.17%.
Swap rates outpaced their Commonwealth Government counterparts on the way down. The 1-year rate shed 3bps over the week to 0.16% while 3-year, 5-year, 10-year rates all lost 3bps to 0.28%, 0.49% and 0.90% respectively. The 15-year rate lost 2bps to 1.09%.
As a result, swap spreads tightened. By the end of the week, the 3-year spread had tightened from 5bps to 4bps, the 5-year rate had narrowed from 10bps to 8bps while the 10-year spread finished 2bps lower at 3bps.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.10 | -0.01 | -0.32 |
| 90 Day | 0.10 | -0.02 | -0.33 |
| 180 Day | 0.17 | -0.01 | -0.43 |
| 1 Year | 0.16 | -0.03 | -0.21 |
| 3 Year | 0.28 | -0.04 | -0.11 |
| 5 Year | 0.49 | -0.04 | -0.15 |
| 10 Year | 0.90 | -0.04 | -0.16 |
| 15 Year | 1.09 | -0.02 | -0.11 |