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BONDS: NZGBS: Unchanged As US Tsys Hold Yesterday's Sell-Off

BONDS
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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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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.