Daily Commentary BY THE CURVE TEAM –

Daily Flow and Insights – Happy Holidays

24th of December, 2021

Happy Holidays 

After what has been one of the most interesting years I have seen in my time in Treasury and Markets, I’d like to wish everyone a happy holiday season. Let’s hope that the year ahead is a healthy and prosperous one for all.


  • As we enter the Christmas shutdown period we continue to see strong final flows. While many investors in the term deposit and bond space wind down operations, there remains significant activity in NCD markets. Several ADIs ranging from BBB- to A+ have been seeking funds out to 6 months, with special rates as high as +25 for 3 months.
  • The bond market remains relatively active heading into year-end. Yesterday Macquarie launched a $150m 1 year FRN at +15.

David Flanagan

Head of Money Markets