The physical bank bill rate dropped by 17bps to finish at 0.26% as did 3-month BBSW. 6-month BBSW lost 19bps to 0.41%.
Swap rates tended to lag their Commonwealth Government counterparts as yields fell, especially away from the short end of the curve. The 1-year swap rate lost 9bps to 0.28%, the 3-year rate decreased by 5bps to 0.34%, the 5-year rate dropped by 12bps to 0.52%, the 10-year rate plunged by 19bps to 0.87% while the 15-year rate finished 22bps lower at 0.98%.
As a result, swap spreads tightened somewhat. By the end of the week, the 3-year spread had slipped from 13bps to 12bps, the 5-year rate had tightened from 27bps to 23bps while the 10-year spread finished 3bps lower at 11bps.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.25 | -0.17 | -0.54 |
| 90 Day | 0.26 | -0.17 | -0.55 |
| 180 Day | 0.41 | -0.19 | -0.40 |
| 1 Year | 0.28 | -0.09 | -0.33 |
| 3 Year | 0.34 | -0.05 | -0.21 |
| 5 Year | 0.52 | -0.12 | -0.17 |
| 10 Year | 0.87 | -0.19 | -0.09 |
| 15 Year | 0.98 | -0.22 | -0.19 |