The physical bank bill rate ticked up 1bp to 0.10% while 3-month remained unchanged at 0.10% and 6-month BBSW lost 2bps to 0.15%.
Swap rates fell at the front of the curve but increased for longer tenors as their Commonwealth Government counterparts declined at the long end. The 1-year rate slipped 1bp over the week to 0.12% and the 3-year rate lost 2bps to 0.20%. The 5-year rate ticked up 1bp to 0.41% while 10-year and 15-year rates each gained 4bps to 0.88% and 1.08% respectively.
As a result, swap spreads moved somewhat haphazardly while remaining negative in some cases. By the end of the week, the 3-year spread had “tightened” from -1bp to -4bp, the 5-year rate had widened 2bps to 3bps and the 10-year spread finished 2bps higher at -3bps.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.09 | -0.01 | -0.13 |
| 90 Day | 0.10 | 0.00 | -0.12 |
| 180 Day | 0.15 | -0.02 | -0.19 |
| 1 Year | 0.12 | -0.01 | -0.15 |
| 3 Year | 0.20 | -0.02 | -0.19 |
| 5 Year | 0.41 | 0.01 | -0.21 |
| 10 Year | 0.88 | 0.04 | -0.13 |
| 15 Year | 1.08 | 0.04 | -0.08 |