Summary: BBSW unchanged; swap rates fall at front of curve, rise elsewhere; swap spreads narrow.
Both 3-month and 6-month BBSW remained unchanged at 0.04% and 0.10% respectively.
Swap rates fell at the short end but rose at the long end, unlike their Commonwealth Government benchmarks which just rose at the long end. By the end of the week, the 1-year rate had slipped 1bp to 0.06%, the 3-year rate had lost 2bps to 0.30%, the 5-year rates had gained 2bps to 0.85% while the 10-year rate finished 6bps higher at 1.75%.
As a result, swap spreads narrowed. By the end of the week, the 3-year spread had tightened by 2bps to 21bps and the 10-year spread had lost 5bps to 1bp.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.01 | 0.00 | -0.01 |
| 90 Day | 0.04 | 0.00 | 0.00 |
| 180 Day | 0.10 | 0.00 | 0.00 |
| 1 Year | 0.06 | -0.01 | -0.01 |
| 3 Year | 0.30 | -0.02 | -0.01 |
| 5 Year | 0.85 | 0.02 | 0.04 |
| 10 Year | 1.75 | 0.06 | 0.05 |
| 15 Year | 2.15 | 0.09 | 0.06 |