The physical bank bill rate remained at 0.10%, as did 3-month BBSW. 6-month BBSW remained unchanged at 0.17%.
Swap rates fell along the curve in line with their Commonwealth Government counterparts, reversing the previous week’s movements. By the end of the week, the 1-year rate had slipped 1bp to 0.17%, the 3-year rate had lost 2bps to 0.27%, the 5-year rate had decreased by 7bps to 0.47%, the 10-year rate had dropped by 18bps to 0.89% while the 15-year rate finished 21bps lower at 1.11%.
As a result, swap spreads were fairly stable. By the end of the week, the 3-year spread remained unchanged at +1bp, the 5-year rate had tightened by 2bps to +10bps and the 10-year spread finished unchanged at -2bps.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.09 | 0.00 | -0.01 |
| 90 Day | 0.10 | 0.00 | 0.00 |
| 180 Day | 0.17 | 0.00 | 0.00 |
| 1 Year | 0.17 | -0.01 | 0.04 |
| 3 Year | 0.27 | -0.02 | 0.05 |
| 5 Year | 0.47 | -0.07 | 0.07 |
| 10 Year | 0.89 | -0.18 | 0.05 |
| 15 Year | 1.11 | -0.21 | 0.07 |