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BONDS: NZGBS: Little Changed Despite Gains For US Tsys

BONDS
BulletMarketsFixed Income Bullets

In local morning trade, NZGBs are unchanged despite US tsys finishing firmer as speculation grows that the fed will cut more than 25bps on Wednesday. Curve initially bull-steepened before the short-end gave up some of the session’s gains, while the longer-end closed towards the session's best levels. 

  • Cash US tsys finished with yields 2-5bps lower. The 2yr finished -3bps at 3.55%, while the 10yr closed -3bps at 3.62%. The 2s10s made new highs of 9.809, before closing the session -0.220 at 6.465.
  • Today the US calendar will see Retail Sales, Industrial Production and a 20y bond auction.
  • According to Trade Me listings, the average residential property asking price in NZ fell 2.3% y/y in August. The national average asking price dropped to NZ$818,250, its lowest since April 2021. In Auckland, the asking price fell below NZ$1 million for the first time since September 2020.
  • Swap rates are also little changed.
  • RBNZ dated OIS pricing is little changed. A cumulative 86bps of easing is priced by year-end.
  • On Thursday, the NZ Treasury plans to sell NZ$250mn of the 1.50% May-31 bond, NZ$200mn of the 4.25% May-34 bond and NZ$50mn of the 2.75% Apr-37 bond.
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In local morning trade, NZGBs are unchanged despite US tsys finishing firmer as speculation grows that the fed will cut more than 25bps on Wednesday. Curve initially bull-steepened before the short-end gave up some of the session’s gains, while the longer-end closed towards the session's best levels. 

  • Cash US tsys finished with yields 2-5bps lower. The 2yr finished -3bps at 3.55%, while the 10yr closed -3bps at 3.62%. The 2s10s made new highs of 9.809, before closing the session -0.220 at 6.465.
  • Today the US calendar will see Retail Sales, Industrial Production and a 20y bond auction.
  • According to Trade Me listings, the average residential property asking price in NZ fell 2.3% y/y in August. The national average asking price dropped to NZ$818,250, its lowest since April 2021. In Auckland, the asking price fell below NZ$1 million for the first time since September 2020.
  • Swap rates are also little changed.
  • RBNZ dated OIS pricing is little changed. A cumulative 86bps of easing is priced by year-end.
  • On Thursday, the NZ Treasury plans to sell NZ$250mn of the 1.50% May-31 bond, NZ$200mn of the 4.25% May-34 bond and NZ$50mn of the 2.75% Apr-37 bond.