The physical bank bill rate fell by 5bps to finish at 0.21%, while 3-month BBSW lost 4bps to 0.22%. 6-month BBSW shed 7bps to 0.34%.
Swap rates tended to lag their Commonwealth Government counterparts as yields increased, except at the long end where they kept pace. The 1-year swap rate slipped 1bp to 0.27%, the 3-year rate increased by 5bps to 0.39%, the 5-year rate gained 10bps to 0.62%, the 10-year rate jumped by 14bps to 1.01% while the 15-year rate finished 18bps higher at 1.16%.
As a result, swap spreads widened except at the long end where they remained stable. By the end of the week, the 3-year spread had increased from 12bps to 15bps, the 5-year rate had widened from 23bps to 28bps while the 10-year spread finished unchanged at 11bps.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.22 | -0.03 | -0.36 |
| 90 Day | 0.22 | -0.04 | -0.33 |
| 180 Day | 0.34 | -0.07 | -0.25 |
| 1 Year | 0.27 | -0.01 | -0.22 |
| 3 Year | 0.39 | 0.05 | -0.11 |
| 5 Year | 0.62 | 0.10 | -0.01 |
| 10 Year | 1.01 | 0.14 | 0.12 |
| 15 Year | 1.16 | 0.18 | 0.06 |