Summary: BBSW rates up a touch; swap rates lower; swap spreads wider except at front of curve.
3-month BBSW remained unchanged at 0.04% while 6-month BBSW ticked up 1bp to 0.08%.
Swap rates fell back across the curve but not in line with their Commonwealth Government benchmarks. By the end of the week, the 1-year rate had slipped 1bp to 0.06%, the 3-year rate had lost 7bps to 0.28%, the 5-year rate had shed 10bps to 0.84% while 10-year and 15-year rates both finished 8bps lower at 1.78% and 2.16%.
As a result, swap spreads narrowed at the front of the curve while widening elsewhere. By the end of the week, the 3-year spread had shed 3bps to 19bps while the 5-year spread had increased by 2bps to 13ps and the 10-year spread had gained 5bps to 8bps.
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 | 0.03 |
| 180 Day | 0.08 | 0.01 | 0.06 |
| 1 Year | 0.06 | -0.01 | 0.04 |
| 3 Year | 0.28 | -0.07 | 0.16 |
| 5 Year | 0.84 | -0.10 | 0.38 |
| 10 Year | 1.78 | -0.08 | 0.56 |
| 15 Year | 2.16 | -0.08 | 0.56 |