Summary: BBSW a tad higher (overall); swap rates higher at front of curve, lower elsewhere; swap spreads wider at front of curve, tighter elsewhere.
3-month BBSW remained unchanged at 0.04% while 6-month BBSW ticked up 1bp to 0.10%.
Shorter-term swap rates rose modestly while longer rates fell, somewhat similar to their Commonwealth Government benchmarks. By the end of the week, the 1-year rate had ticked up 1bp to 0.07%, the 3-year rate had added 2bps to 0.31%, the 5-year rate had slipped 1bp to 0.81% while 10-year and 15-year rates each finished 4bps lower at 1.70% and 2.09% respectively.
As a result, swap spreads widened at the front of the curve but tightened elsewhere. By the end of the week, the 3-year spread had added 3bps to 21bps, the 5-year spread had shed 4bps to 11bps and the 10-year spread finished 2bps lower at 2bps.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.02 | 0.01 | 0.01 |
| 90 Day | 0.04 | 0.00 | 0.00 |
| 180 Day | 0.10 | 0.01 | 0.02 |
| 1 Year | 0.07 | 0.01 | 0.01 |
| 3 Year | 0.31 | 0.02 | 0.00 |
| 5 Year | 0.81 | -0.01 | -0.05 |
| 10 Year | 1.70 | -0.04 | -0.08 |
| 15 Year | 2.09 | -0.04 | -0.08 |