Summary: Bank bill and BBSW rates tick down; swap rates generally a little lower; spreads to ACGB yields tighter except at the short end.
The physical bank bill rate ticked down 1bp to 0.10%, as did 3-month BBSW. 6-month BBSW eased 1bp to 0.16%.
Swap rates either remained stable or fell a little along the curve. By the end of the week, 1-year and 3-year rates both remained unchanged at 0.15% and 0.24% respectively, 5-year and 10-year rates had each slipped 1bp lower to 0.43% and 0.86% respectively while the 15-year rate finished 2bps lower at 1.08%.
As a result, swap spreads were tightened except at the short end. By the end of the week, the 3-year spread remained unchanged at -1bps, the 5-year rate had tightened by 2bps to +4bps while the 10-year spread finished 2bps tighter at -1bps.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.09 | 0.00 | 0.00 |
| 90 Day | 0.10 | -0.01 | 0.00 |
| 180 Day | 0.16 | -0.01 | 0.00 |
| 1 Year | 0.15 | 0.00 | -0.02 |
| 3 Year | 0.24 | 0.00 | -0.02 |
| 5 Year | 0.43 | -0.01 | -0.01 |
| 10 Year | 0.86 | -0.01 | 0.01 |
| 15 Year | 1.08 | -0.02 | 0.03 |