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Free AccessBONDS: NZGBS: Unchanged As US Tsys Hold Yesterday's Sell-Off
In local morning trade, NZGBs are 1bp richer after finishing yesterday’s session sharply cheaper in line with the dramatic post-US election sell-off in US tsys.
- A stellar 30-year auction provided little relief. The 30-year ended 18bps cheaper at 4.60%. The 10-year was up 16bps to 4.43%. The 2-year was 9bps higher at 4.26%.
- Focus now turns to today’s FOMC policy announcement. While chances of a 25bp cut held steady yesterday, projected rate cuts into early 2025 cooled vs. late Tuesday levels.
- NZ Treasury published financial statements for three months ending Sept. 30. It showed an operating deficit before gains and losses of NZ$4.22bn. The deficit was NZ$669m wider than the NZ$3.55b gap projected in the May budget. Net core Crown debt was 43% of GDP vs 42.8% projection.
- Swap rates are 1bp lower.
- RBNZ dated OIS pricing is little changed. A cumulative 92bps of easing is priced by February, with 53bps by year-end.
- RBNZ officials in front of parliament's finance select committee today to discuss the Financial Stability Report. The local data calendar is empty until next week's 2-year inflation expectations print.
- Today, the NZ Treasury also plans to sell NZ$200mn of the 0.25% May-28 bond, NZ$250mn of the 4.50% May-35 bond and NZ$50mn of the 5.0% May-54 bond.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.