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BONDS: NZGBS: Heavy Session But Outperforms $-Bloc, Food Prices Tomorrow

BONDS
Bullet

NZGBs closed not far off session cheaps, with benchmark yields 7-9bps higher. The NZGB 10-year did however manage to outperform its $-bloc counterparts, with the NZ-US and NZ-AU yield differentials 3-4bps tighter at +23bps and +1bp respectively.

  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s heavy session. Key October US CPI inflation data will be released later today.
  • NZ new home loans rose 5.7% to NZ$6.55 billion in September from NZ$6.19 billion in August. In terms of debt to ratio (DTI), expressed as total yearly household income minus total debt, loans with more than five times the debt to ratio made up 27.8% of the housing loans made during the month. (per BBG)
  • Swap rates closed 4-5bps higher.
  • Tomorrow, the local calendar will see REINZ House Sales and Food Prices.
  • Swap rates are 4-5bps higher, with the belly outperforming.
  • RBNZ dated OIS pricing is 4-8bps firmer for 2025 meetings. A cumulative 86bps of easing is priced by February, with 52bps by year-end.
  • Tomorrow, the NZ Treasury plans to sell NZ$200mn of the 3.0% Apr-29 bond, NZ$250mn of the 4.5% May-35 bond and NZ$50mn of the 2.75% Apr-37 bond.
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NZGBs closed not far off session cheaps, with benchmark yields 7-9bps higher. The NZGB 10-year did however manage to outperform its $-bloc counterparts, with the NZ-US and NZ-AU yield differentials 3-4bps tighter at +23bps and +1bp respectively.

  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s heavy session. Key October US CPI inflation data will be released later today.
  • NZ new home loans rose 5.7% to NZ$6.55 billion in September from NZ$6.19 billion in August. In terms of debt to ratio (DTI), expressed as total yearly household income minus total debt, loans with more than five times the debt to ratio made up 27.8% of the housing loans made during the month. (per BBG)
  • Swap rates closed 4-5bps higher.
  • Tomorrow, the local calendar will see REINZ House Sales and Food Prices.
  • Swap rates are 4-5bps higher, with the belly outperforming.
  • RBNZ dated OIS pricing is 4-8bps firmer for 2025 meetings. A cumulative 86bps of easing is priced by February, with 52bps by year-end.
  • Tomorrow, the NZ Treasury plans to sell NZ$200mn of the 3.0% Apr-29 bond, NZ$250mn of the 4.5% May-35 bond and NZ$50mn of the 2.75% Apr-37 bond.