Summary: 3-month BBSW unchanged, 6-month BBSW lower; swap rates fall; spreads wider*.
3-month BBSW finished the week unchanged at 0.03% while 6-month BBSW lost 2bps to 0.05%.
Swap rates declined by increasing amounts along the curve but by not quite as much as their Commonwealth Government benchmarks. By the end of the week, the 1-year rate had returned to its starting point at 0.04%, the 3-year rate had lost 4bps to 0.29%, the 5-year rate had shed 11bps to 0.74%, the 10-year rate had dropped by 13bps to 1.54% while the 15-year rates finished 15bps lower at 1.90%.
As a result, swap spreads widened*. By the end of the week, the 3-year spread had increased by 2bps to 4bps* while the 10-year spread had increased by 6bps to 10bps.
* The 3-year swap spread has been influenced by a change from using the April 2024 yield to the November 2024 yield.
BBSW - SWAP RATES
| TERM TO MATURITY | Closing Rate | Δ WEEK | Δ MONTH |
|---|---|---|---|
| 30 Day | 0.01 | 0.00 | 0.00 |
| 90 Day | 0.03 | 0.00 | -0.01 |
| 180 Day | 0.05 | -0.02 | -0.05 |
| 1 Year | 0.04 | 0.00 | -0.02 |
| 3 Year | 0.29 | -0.04 | -0.01 |
| 5 Year | 0.74 | -0.11 | -0.11 |
| 10 Year | 1.54 | -0.13 | -0.21 |
| 15 Year | 1.90 | -0.15 | -0.25 |