The physical bank bill rate remained at 0.10% while 3-month BBSW remained unchanged at 0.10%. 6-month BBSW ticked up 1bp to 0.16%.
Swap rates increased at the front and belly of the curve but declined for longer tenors as their Commonwealth Government counterparts fell again at the long end. The 1-year rate gained 5bps over the week to 0.17%, the 3-year rate increased by 6bps to 0.26% and the 5-year rate added 3bps to 0.44%. 10-year and 15-year rates each lost 3bps to 0.85% and 1.05% respectively.
As a result, swap spreads increased. By the end of the week, the 3-year spread had increased from -4bps to +1bp, the 5-year rate had widened by 3bps to 6bps and the 10-year spread finished 1bp higher at -2bps.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.09 | 0.00 | -0.04 |
| 90 Day | 0.10 | 0.00 | -0.03 |
| 180 Day | 0.16 | 0.01 | -0.04 |
| 1 Year | 0.17 | 0.05 | -0.03 |
| 3 Year | 0.26 | 0.06 | -0.07 |
| 5 Year | 0.44 | 0.03 | -0.10 |
| 10 Year | 0.85 | -0.03 | -0.10 |
| 15 Year | 1.05 | -0.03 | -0.07 |