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The Australian Financial Markets Association (AFMA) Bank Bill Swap (BBSW) Benchmark Rates represent the midpoint of the nationally observed live and executable best bid and best offer (NBBO) for AFMA Prime Bank Eligible Securities. The NBBO calculation is the average of all good samples of the best bid and best offer, such samples sourced from authorised trading venues and taken at three randomised intervals at and around 10:00am.
- The average of all good NBBO midpoint samples, rounded to four decimal places, are published at approximately 10:15am on Thomson Reuters page BBSW, and on Bloomberg LLP page ‘AFMB’ as the BBSW benchmark rate, for each tenor.
- BBSW mid rates are published on the AFMA website on the following Business Day, thus making them available to the general public.
- Financial news media outlets regularly report on BBSW rates, both in tabular form and in commentary.
- ‘Bid’ and ‘Ask’ values for each tenor are published at approximately 10:15am on Thomson Reuters page “BBSY” and on Bloomberg LLP page ‘AFRS’ using a set difference respectively of five basis points above and below the BBSW rate.
- The Bid and Ask values of BBSW as published on page BBSY are used, amongst other things, by market participants to price floating rate loans. Being directly derived from BBSW and where the only difference is the predetermined and non-variable bid/ask spread to BBSW, rates published on BBSY are a familial derivative of BBSW and not a separate benchmark.
- The ten (10) basis point spread between the Bid and Ask values may not be changed without the express consent of both the AFMA Benchmarks Committee and the MGC, and consideration of any change to this spread must be subject to prior consultation with market participants.
*Credit: AFMA BBSW A Guide to the Bank Bill Swap (BBSW) Benchmark Rate
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BBSW & commercial finance
Alternatively, if you are looking for an indication of the applicable BBSW + margin for your commercial finance requirements, please refer below.