Summary: BBSW rates slip; swap rates higher; swap spreads widened at front of curve, tighter elsewhere.
3-month and 6-month BBSW both slipped 1bp to 0.03% and 0.07% respectively.
Swap rates rose across the curve but not in line with their Commonwealth Government benchmarks. By the end of the week, the 1-year rate had returned to its starting point at 0.06%, the 3-year rate had added 3bps to 0.31%, the 5-year rate had inched up 1bp to 0.85%, the 10-year rate had gained 4bps to 1.82% while the 15-year rate finished 7bps higher at 2.23%.
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 2bps to 21bps while the 5-year spread had tightened by 6bps to 7ps and the 10-year spread had shed 7bps to 1bp.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.01 | 0.00 | 0.00 |
| 90 Day | 0.03 | -0.01 | 0.02 |
| 180 Day | 0.07 | -0.01 | 0.04 |
| 1 Year | 0.06 | 0.00 | 0.03 |
| 3 Year | 0.31 | 0.03 | 0.12 |
| 5 Year | 0.85 | 0.01 | 0.21 |
| 10 Year | 1.82 | 0.04 | 0.33 |
| 15 Year | 2.23 | 0.07 | 0.36 |