An A2/BBB+ equivalent bank has set their 3 month NCD margin at +60 to kick off the morning, but is chasing a limited amount of funds. Market participants keen to take advantage of this opportunity should contact their Curve representative as soon as possible this morning.
Several A2 banks are at 5.30% for 12 months today with a bid tone emerging as the week progresses.
Investors looking at the shorter end of the TD curve can be rewarded with 5.10% for 3 months, with opportunity from unrated banks for up to 5.25% yesterday.
Consumer Confidence Creeps Up in June, Breaks Downward Trend
A quiet start to the week with no significant releases yesterday. Today’s Westpac Consumer Confidence Index kicks things off this morning.
Three consecutive declines in consumer confidence, amidst creeping unemployment and the spectre of stagflation lurking on the horizon, were expected to fuel continued pessimism in June.
Sentiment, however, turned a corner, creeping back up to a level of 83.6 on the index, an increase of 1.7% MoM.
The indicator, comprising five indices reflecting consumer evaluations of household financials situation, anticipated economic conditions over the coming year, and buying conditions for major purchases.
Any improvement in broader consumer confidence will be well received by the RBA as it may, ironically, provide justification for a hike in forthcoming meetings in order to break the back of inflation.