Daily Flows
- We had strong interest in the Westpac issuance yesterday, particularly in the 3 and 5 year FRNs, but did see bids in the 3 year fixed as well. The issuance finished with a size of $5.1 billion.
- ANZ have followed up today with a subordinated notes issue with Floating and Fixed to Floating tranches. Price Guidance is in the +205bps area. Please contact your Curve representative if you have interest in placing a bid.
- In the term deposit space, we have an A2/BBB issuer offering above-market rates of 5.25% for 12 months to fill a small funding gap and other issuers popping up in the 3-6 month space.
Black Friday Sales a Boon for Retailers as Wallets Start to Snap Shut
- Australian retail sales were released this morning for the month of November, with a positive surprise in the data.
- Retail sales were stronger than economists predicted, with MoM growth of 2.0% against expectations of 1.2%. Black Friday sales drove this growth as savvy shoppers brought their Christmas shopping forward. November figures also benefited from an 0.4% monthly decline in October as consumers held off on spending ahead of the sales bonanza.
- Retail sales are up 2.2% from the same time in 2022 but remain a downside risk with significant cooling since the start of 2023.
- The RBA will get more data on the health of Australia’s economy tomorrow with YoY CPI data set to be released. This is projected to continue the moderating trend of recent months with economists predicting annual growth of 4.4%.