AUD Swaps: Light 3-10y offers ahead of US jobs data

Chart up line Oct 2022
Trading in AUD swaps has been cautious ahead of the monthly US jobs data, with only light receiving in the 3-10y zone.

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  • Light 3-10y offers ahead of US jobs data

  • AOFM sells 2033 ACGBs

  • New issues


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Light 3-10y offers ahead of US jobs data

AUD bond futures have been little moved today, after the RBA decision on the previous day and without any trade direction from the US as the country was closed on Tuesday. In mid-afternoon Sydney trading 3-year bond future was unchanged at 96.04, and the 3s/10s futures curve was a basis point flatter at 3bps.


Traders have been extremely cautious. Most of them preferred to wait until the monthly US jobs data due this Friday, or at least the ADP employment data on Thursday.


A dealer reported light flow in 10-year in a tight range around 4.4%, backed by slightly better receiving there. This compared to previous close of around 4.41%.


3-year traded in several clips in the morning between 4.28% and 4.29%, down from Tuesday’s close of 4.295%.


EFPs were wider across the curve. 3-year was up half a basis point at 33.25bps, 5-year up 0.375bp at 36bps and 10-year up 0.35bp at 41.252bps.



AOFM sells 2033 ACGBs

The AOFM sold AUD700m in 3% November 21, 2033 ACGBs at tender today, bringing the new size of the line to AUD21.8bn. Bid-to-cover was 4.71 times and average yield was 3.9913%.



New issues

  • BNG Bank added AUD30m to its existing 2.45%, July 21, 2032 Kangaroo bond line to bring the new size to AUD1.015bn.