Summary: Bank bill, BBSW rates unchanged; longer-term swap rates increase; swap spreads widen modestly at long end, tighten a touch at short end, 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 held up at the short end and rose modestly at the long end. By the end of the week, 1-year rate had returned to its starting points at 0.03%, the 3-year rate had slipped 1bp to 0.15%, the 5-year rate had also returned to its starting point at 0.45%, the 10-year rate had gained 2bps to 1.13% while the 15-year rate finished 3bps higher at 1.50%.
As a result, swap spreads widened modestly at the long end but tightened a touch at the short end. By the end of the week, the 3-year spread had slipped 1bp to +4bps, the 5-year spread had inched up 1bp to 5bps while the 10-year spread finished 2bps higher at +4bps.
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 | 0.01 |
| 3 Year | 0.15 | -0.01 | 0.00 |
| 5 Year | 0.45 | 0.00 | 0.05 |
| 10 Year | 1.13 | 0.02 | 0.12 |
| 15 Year | 1.50 | 0.03 | 0.16 |