Australian rates and credit
Daily Australian government and BBSW yield curves, the big four banks' senior curves and credit spreads against a month ago, with US Treasuries and the next two weeks' key releases.
The Australian 10-year government yield is 5.31%, 0.40% above the 2-year; up 2 basis points on a month ago; the curve steepened; 0.18% above the US 10-year Treasury.
Dashed: a month ago; the axis is compressed past 12.5 years. The big four curves are Candour calculations from each bank's non-call senior fixed-rate bonds. BBSW and government data: RBA; US Treasuries: US Department of the Treasury.
Australian government yields and moves
| Tenor | Yield | 1 week (bp) | 1 month (bp) | 3 months (bp) |
|---|---|---|---|---|
| 2y | 4.919% | -2 | -5 | +42 |
| 3y | 4.909% | -2 | -5 | +42 |
| 5y | 4.976% | -4 | -3 | +43 |
| 10y | 5.314% | -9 | -2 | +40 |
Data: Reserve Bank of Australia, table F2, as of 2026-10-14。
Big four credit spreads (bp over government at the same term)
| Bank | Senior | Tier 2 | AT1 |
|---|---|---|---|
| CBA | +92 | +139 | — |
| ANZ | +80 | +137 | — |
| NAB | +66 | +155 | — |
| WBC | +72 | +135 | — |
| Big four | +83 | +140 | — |
Candour calculation from market data: the median gap between each bank's AUD fixed-coupon bonds and the government curve at the same term.
Highest against bonds like them
- CBA 5.25% 2034 senior unsecured fixed rate bond (XS2806413832) — above peers by 0.44%
- CBA 5.268% 2029 senior unsecured fixed rate bond (XS2544646602) — above peers by 0.26%
- ANZ 5.605% 2037 senior unsecured fixed rate bond (XS2545193919) — above peers by 0.25%
- NAB 6.15% 2037 Tier 2 subordinated fixed rate bond (XS2503901659) — above peers by 0.24%
- Macquarie 6.082% 2032 Tier 2 subordinated fixed-to-floating bond (AU3CB0290039) — above peers by 0.17%
- Macquarie 5.603% 2035 Tier 2 subordinated fixed-to-floating bond (AU3CB0312395) — above peers by 0.15%
- Macquarie 5.953% 2034 Tier 2 subordinated fixed-to-floating bond (AU3CB0307023) — above peers by 0.14%
- Macquarie 6.578% 2037 Tier 2 subordinated fixed-to-floating bond (AU3CB0340297) — above peers by 0.14%
- Norfina 5.45% 2027 senior unsecured fixed rate bond (AU3CB0304632) — above peers by 0.14%
- ANZ 5.3% 2038 senior unsecured fixed rate bond (XS2588854062) — above peers by 0.13%
Candour calculation from market data, against bonds of the same ranking and rating band at a similar term; a gap can also reflect the issuer. For reference only.
Releases and central bank meetings, next two weeks
| Date | Country | Event | Previous | Forecast |
|---|---|---|---|---|
| 2026-10-28 | AU | AU CPI | 4.00% | — |
| 2026-10-29 | US | FOMC Statement | — | — |
| 2026-10-29 | US | US GDP Advance Estimate | — | — |
| 2026-10-29 | US | US PCE Price Index | 3.40% | — |
| 2026-11-03 | AU | RBA Interest Rate Decision | — | — |
Candour market insights
- Where Growth Emerges vs Where Returns Accrue: Reflections from the 2026 Citi Australia & New Zealand Investment Conference
- What Happens to My Bond Investments After HSBC Australia’s Wealth Management Services End?
- Alphabet Completes Record A$5.5 Billion Bond Issuance, with Coupon Rates Up to 6.90%; ANZ Prices A$4.25 Billion Multi-Tranche Deal at Up to 6.749%