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Latest news
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April Labour Force: gradual softening persists
Employment: +38.5k (from –5.9k). Unemployment Rate: 4.1% (from 3.9%). Participation Rate: 66.7% (from 66.6%).
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Fair Value: WATC 4.50% 21-Jul-2032 Benchmark - A$ Rates Spotlight
Our pricing model estimates fair value based on existing bonds, without adjusting for cheapness/dearness along the curve or other market nuances.
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Around the Grounds
Today's note includes comments on Fonterra, CNH, ColCap and Mortgage House.
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FinanceAM
Bond yields and the US dollar fell in response to softer than expected US CPI inflation and retail sales data, while the S&P500 is up 1.0%.
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AUD Rates – Swaptions. Outright and cross market trade ideas.
We offer two new trade ideas in swaptions, in addition to the zero-premium outlay conditional bull steepener idea we published last week. We offer a more directional trade than what was proposed in the steepener, in that it doesn’t involve selling the long tail, but provides a decent risk/return profile for a small premium. The second trade is a cross-market idea that looks at curve slopes, IRS spreads and vol levels.