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BONDS: NZGBS: Closed Richer & Near Session Highs

BONDS

NZGBs closed 7-9bps richer across benchmarks as global bond markets reacted to the current bout of risk-off sentiment. 

  • NZ July New Lending rose 19% m/m in July says RBNZ.
  • NZ commodity export prices rose 2.1% from a month earlier in August, with dairy seeing the largest increase, according to the ANZ Commodity Price Index report.
  • Cash US tsys are slightly richer in today’s Asia-Pacific session after yesterday’s solid risk-off-induced gains. The major focus in the US this week is Nonfarm Payrolls on Friday. Later today we will get Trade Balance, MBA Mortgage Applications & JOLTS job openings, while the Bank Of Canada rate decision will also be watched.
  • Swap rates are 9-10bps lower, with the 2s10s curve little changed.
  • RBNZ-dated OIS pricing is 1-8bps richer across 2025 meetings. A cumulative 73bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see CoreLogic Home Values alongside the NZ Treasury’s planned sale of NZ$225mn of the 4.50% May-30 bond, NZ$225mn of the 4.25% May-34 bond and NZ$50mn of the 1.75% May-41 bond.
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