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BONDS: NZGBS: Closed Cheaper But Mid-Range, Bounce In Bus. Conf.

BONDS
BulletMarketsFixed Income Bullets

NZGBs closed mid-range, 2bps cheaper across benchmarks. The NZ-US 10-year yield differential narrowed 1bp to +19bps.

  • NZ business confidence jumped further in October as firms factored in an outlook that is likely to include more blockbuster interest-rate cuts. Business confidence rose 5 points to +66 points in October, while firms reported the highest level of activity since March, according to a survey by the ANZ bank. (per DJ)
  • New Zealand’s moribund housing market will need a summer sales surge to eat into a backlog of listings if prices are to stage a sustained recovery in 2025, according to ANZ Bank. (per BBG)
  • Today’s weekly supply saw solid demand with cover ratios across the three lines ranging from 2.97x to 3.19x.
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session after yesterday’s bear-flattener. Focus now turns to today’s weekly claims, personal income/spending and MNI’s Chicago PMI data.
  • Swap rates closed 2bps higher.
  • RBNZ dated OIS pricing closed little changed across meetings. A cumulative 99bps of easing is priced by February, with 55bps by year-end.
  • Tomorrow, the local calendar will see CoreLogic Home Value and Building Permits data.
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NZGBs closed mid-range, 2bps cheaper across benchmarks. The NZ-US 10-year yield differential narrowed 1bp to +19bps.

  • NZ business confidence jumped further in October as firms factored in an outlook that is likely to include more blockbuster interest-rate cuts. Business confidence rose 5 points to +66 points in October, while firms reported the highest level of activity since March, according to a survey by the ANZ bank. (per DJ)
  • New Zealand’s moribund housing market will need a summer sales surge to eat into a backlog of listings if prices are to stage a sustained recovery in 2025, according to ANZ Bank. (per BBG)
  • Today’s weekly supply saw solid demand with cover ratios across the three lines ranging from 2.97x to 3.19x.
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session after yesterday’s bear-flattener. Focus now turns to today’s weekly claims, personal income/spending and MNI’s Chicago PMI data.
  • Swap rates closed 2bps higher.
  • RBNZ dated OIS pricing closed little changed across meetings. A cumulative 99bps of easing is priced by February, with 55bps by year-end.
  • Tomorrow, the local calendar will see CoreLogic Home Value and Building Permits data.