Summary: BBSW almost stable; swap rates lower; swap spreads widened at front of curve, largely stable elsewhere.
3-month BBSW remained unchanged at 0.03% while 6-month BBSW ticked up 1bp to 0.08%.
Swap rates fell across the curve, mostly in line with their Commonwealth Government benchmarks. By the end of the week, the 1-year rate had slipped 1bp to 0.05%, the 3-year rate had lost 5bps to 0.26%, the 5-year rate had shed 10bps to 0.75% while 10-year and 15-year rates each finished 15bps lower at 1.57% and 2.08% respectively.
As a result, swap spreads tightened at the front of the curve but remained largely stable elsewhere. By the end of the week, the 3-year spread had shed 5bps to 16bps while the 5-year spread had increased by 1bp to 8bps and the 10-year spread remained at 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 | 0.00 | 0.00 |
| 180 Day | 0.08 | 0.01 | 0.02 |
| 1 Year | 0.05 | -0.01 | -0.02 |
| 3 Year | 0.26 | -0.05 | -0.08 |
| 5 Year | 0.75 | -0.10 | -0.15 |
| 10 Year | 1.67 | -0.15 | -0.19 |
| 15 Year | 2.08 | -0.15 | -0.17 |