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BONDS: NZGBS: Closed Richer & Near Bests But Subdued Session

BONDS
BulletMarketsFixed Income Bullets

NZGBs closed richer and near session bests, with benchmark yields 3-4bps lower. NZ-US & NZ-AU 10-year yield differentials closed 1-2bps wider. 

  • Outside of the previously outlined PSI & PPI data, there hasn't been much by way of domestic drivers to flag.
  • NZGBs held by international investors increased to 62% in October from 61.3% in September.
  • Cash US tsys are little changed across benchmarks in today’s Asia-Pac session after Friday’s bull-steepening.
  • Swap rates closed 3-5bps lower, with the 2s10s curve steeper.
  • RBNZ-dated OIS pricing has little changed. A cumulative 88bps of easing is priced by February, with 51bps by year-end.
  • Tomorrow, the local calendar is empty.
  • On Thursday, the NZ Treasury plans to sell NZ$200mn of the 3.0% Apr-29 bond, NZ$225mn of the 2.0% May-32 bond and NZ$75mn of the 1.75% May-41 bond.
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NZGBs closed richer and near session bests, with benchmark yields 3-4bps lower. NZ-US & NZ-AU 10-year yield differentials closed 1-2bps wider. 

  • Outside of the previously outlined PSI & PPI data, there hasn't been much by way of domestic drivers to flag.
  • NZGBs held by international investors increased to 62% in October from 61.3% in September.
  • Cash US tsys are little changed across benchmarks in today’s Asia-Pac session after Friday’s bull-steepening.
  • Swap rates closed 3-5bps lower, with the 2s10s curve steeper.
  • RBNZ-dated OIS pricing has little changed. A cumulative 88bps of easing is priced by February, with 51bps by year-end.
  • Tomorrow, the local calendar is empty.
  • On Thursday, the NZ Treasury plans to sell NZ$200mn of the 3.0% Apr-29 bond, NZ$225mn of the 2.0% May-32 bond and NZ$75mn of the 1.75% May-41 bond.