- This morning, ANZ has launched a 3 & 5 year floating/fixed MTN issuance.
- The issuance is priced a couple basis points wider than the recent CBA launch.
- A late of 5.40% for 12 months was locked in yesterday through a discretionary roll over channel in the BBB space.
- NCD margins are +45 for 3 months in the BBB space, with ADIs coming to market before end of month.
Inflation Continues to Slow
- Australian CPI for the month of July came in at 4.9% YoY, following on from 5.4% YoY in June.
- This deterioration was driven by slowdown in housing and food prices.
- Tradables inflation fell to 1.7% for the year, indicating that global factors may continue to contribute to the overall decline of inflation going forward.
- Although inflation is tracking above the RBA’s forecasted levels, the quarterly print carries much more significance for future monetary policy.
- The quarterly has a more complete snap shot of all inflation buckets in comparison to the monthly.