Summary: BBSW almost stable; swap rates lower; swap spreads tighter at front of curve.
3-month BBSW remained unchanged at 0.04% while 6-month BBSW ticked up 1bp to 0.09%.
Swap rates fell across the curve, largely in line with their Commonwealth Government benchmarks except at the short end. By the end of the week, the 1-year rate remained unchanged at 0.06%, the 3-year rate had declined 3bps to 0.29%, the 5-year rate had lost 5bps to 0.82%, the 10-year rate had decreased by 7bps to 1.84% while the 15-year rate finished 8bps lower at 2.13%.
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 3bps to 18bps, the 5-year spread remained unchanged at 15bps while the 10-year spread finished 1bp 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 | 0.04 | 0.00 | 0.01 |
| 180 Day | 0.09 | 0.01 | 0.01 |
| 1 Year | 0.06 | 0.00 | 0.01 |
| 3 Year | 0.29 | -0.03 | 0.03 |
| 5 Year | 0.82 | -0.05 | 0.07 |
| 10 Year | 1.74 | -0.07 | 0.07 |
| 15 Year | 2.13 | -0.08 | 0.05 |