Summary: Bank bill and BBSW rates largely unchanged; swap rates rise by modest amounts at various points along curve; short-to-medium term swap spreads to ACGB yields a little lower at front and belly of curve, longer-term spreads a touch lower; spreads still negative.
The physical bank bill rate remained unchanged at 0.09%, as did 3-month BBSW. 6-month BBSW slipped 1bp to 0.14%.
Swap rates increased by modest amounts at various points on the yield curve. By the end of the week, the 1-year rate had inched up 1bp to 0.11%, 3-year and 5-year rates both remained unchanged at 0.17% and 0.34% respectively, the 10-year rate had inched up 1bp to 0.82% and the 15-year rate finished 2bps higher at 1.10%.
As a result, swap spreads varied by minimal amounts in both directions. By the end of the week, 3-year and 5-year spreads had inched up 1bp to -8bps and -4bps respectively while the 10-year spread finished 1bp lower at -9bps.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.09 | 0.00 | 0.00 |
| 90 Day | 0.09 | 0.00 | -0.01 |
| 180 Day | 0.14 | -0.01 | -0.03 |
| 1 Year | 0.11 | 0.01 | -0.02 |
| 3 Year | 0.17 | 0.00 | -0.01 |
| 5 Year | 0.34 | 0.00 | 0.01 |
| 10 Year | 0.82 | 0.01 | 0.10 |
| 15 Year | 1.10 | 0.02 | 0.14 |