Summary: BBSW unchanged; swap rates down at front of curve, up at long end; longer-term swap spread up moderately.
Both 3-month and 6-month BBSW remained unchanged at 0.04% and 0.10% respectively.
Swap rates declined a touch at the front of the curve, rose at the long end but remained stable elsewhere, somewhat similar to their Commonwealth Government benchmarks, at least in terms of direction. By the end of the week, the 1-year rate had slipped 1bp to 0.07% while 3-year and 5-year rates finished unchanged at 0.33% and 0.85% respectively. The 10-year rate gained 5bps to 1.76%.
As a result, swap spreads widened moderately at the long end. By the end of the week, 3-year and 5-year spreads remained unchanged at 23bps and 15bps respectively while the 10-year spread increased from 2bps to 6bps.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.02 | 0.01 | 0.01 |
| 90 Day | 0.04 | 0.00 | 0.00 |
| 180 Day | 0.10 | 0.00 | 0.02 |
| 1 Year | 0.07 | -0.01 | 0.01 |
| 3 Year | 0.33 | 0.00 | 0.02 |
| 5 Year | 0.85 | 0.00 | -0.01 |
| 10 Year | 1.76 | 0.05 | -0.02 |