Summary: Bank bill and BBSW rates largely unchanged; swap rates rise; spreads to ACGB yields generally less negative.
The physical bank bill rate remained unchanged at 0.10%, as did 3-month BBSW. 6-month BBSW ticked up 1bps to 0.18%.
Swap rates generally rose by increasing amounts along the curve. By the end of the week, the 1-year rate had crept up by 1bp to 0.13%, the 3-year rate had gained 2bps to 0.21%, the 5-year rate had increased by 3bps to 0.39%, the 10-year rate had added 4bps to 0.81% while the 15-year rate finished 3bps higher at 1.03%.
As a result, swap spreads generally “widened” in the sense they became less negative. By the end of the week, the 3-year spread remained at -6bps, the 5-year rate had moved from -4bps to -2bps while the 10-year spread had increased by 3bps to -6bps.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.09 | 0.00 | 0.00 |
| 90 Day | 0.10 | 0.00 | 0.00 |
| 180 Day | 0.18 | 0.01 | 0.01 |
| 1 Year | 0.13 | 0.01 | -0.04 |
| 3 Year | 0.21 | 0.02 | -0.06 |
| 5 Year | 0.39 | 0.03 | -0.08 |
| 10 Year | 0.81 | 0.04 | -0.08 |
| 15 Year | 1.03 | 0.03 | -0.08 |