Summary: Bank bill, BBSW rates unchanged; swap rates generally move in line with their ACGB counterparts; swap spreads to ACGB yields fairly stable, still close to zero.
The physical bank bill rate finished the week unchanged at 0.02%, while 3-month BBSW remained unchanged at 0.01%. 6-month BBSW remained unchanged at 0.02%.
Swap rates mostly rose in line with their Commonwealth Government counterparts. By the end of the week, 1-year rate had returned to its starting points at 0.03%, the 3-year rate had ticked up 1bp to 0.16%, the 5-year rate had increased by 3bps to 0.45%, the 10-year rate had gained 4bps to 1.11% while the 15-year rate finished 3bps higher at 1.47%.
As a result, swap spreads remained fairly stable except at the “belly”. By the end of the week, the 3-year spread remained unchanged at +5bps, the 5-year spread had gained 3bps to 4bps while the 10-year spread finished 1bp lower at +2bps.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.01 | 0.00 | 0.00 |
| 90 Day | 0.01 | 0.00 | 0.00 |
| 180 Day | 0.02 | 0.00 | 0.00 |
| 1 Year | 0.03 | 0.00 | 0.00 |
| 3 Year | 0.16 | 0.01 | 0.00 |
| 5 Year | 0.45 | 0.03 | 0.06 |
| 10 Year | 1.11 | 0.04 | 0.15 |
| 15 Year | 1.47 | 0.03 | 0.18 |