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BONDS: NZGBS: Cheaper, US Tsy Curve Bear-Steepens, Heavy US Calendar Today

BONDS
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In local morning trade, NZGBs are 2bps cheaper after the US tsy curve bear-steepened despite an absence of first-tier economic data. The US 2-year yield rose 2bps to 3.56% with the 10-year 6bps higher at 3.78%. 

  • The backup in yields supported the US$70bn 5-year auction, which cleared at prevailing market levels. The market has a further US$44bn of 7-year notes to digest tomorrow.
  • There was little reaction to new home sales - slightly better than expected in August at 716k (saar, cons 700k) after an upward revised 751k (initial 739k) in July.
  • Investors now await today’s flood of data and Fed speakers not to mention next week's September employment data. Today’s US calendar includes Weekly Claims, GDP, PCE, Cap Goods, Durables, and Pending Home Sales data alongside a flurry of Fed speakers: Barr, Cook, Kashkari, Williams and Chairman Powell.
  • Swap rates are 3bps higher.
  • RBNZ dated OIS pricing is little changed. A cumulative 86bps of easing is priced by year-end.
  • Today, the local calendar is again empty, with ANZ Consumer Confidence tomorrow and ANZ Business Confidence on Monday.
  • Today, the NZ Treasury plans to sell NZ$250mn of the 3.00% Apr-29 bond, NZ$225mn of the 4.50% May-35 bond and NZ$25mn of the 2.75% Apr-37 bond.
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In local morning trade, NZGBs are 2bps cheaper after the US tsy curve bear-steepened despite an absence of first-tier economic data. The US 2-year yield rose 2bps to 3.56% with the 10-year 6bps higher at 3.78%. 

  • The backup in yields supported the US$70bn 5-year auction, which cleared at prevailing market levels. The market has a further US$44bn of 7-year notes to digest tomorrow.
  • There was little reaction to new home sales - slightly better than expected in August at 716k (saar, cons 700k) after an upward revised 751k (initial 739k) in July.
  • Investors now await today’s flood of data and Fed speakers not to mention next week's September employment data. Today’s US calendar includes Weekly Claims, GDP, PCE, Cap Goods, Durables, and Pending Home Sales data alongside a flurry of Fed speakers: Barr, Cook, Kashkari, Williams and Chairman Powell.
  • Swap rates are 3bps higher.
  • RBNZ dated OIS pricing is little changed. A cumulative 86bps of easing is priced by year-end.
  • Today, the local calendar is again empty, with ANZ Consumer Confidence tomorrow and ANZ Business Confidence on Monday.
  • Today, the NZ Treasury plans to sell NZ$250mn of the 3.00% Apr-29 bond, NZ$225mn of the 4.50% May-35 bond and NZ$25mn of the 2.75% Apr-37 bond.