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Cheaper Start, Local Docket Empty Today

BONDS

NZGBs have opened dealing 1-4bps richer across the major benchmarks, light bear steepening is apparent.

  • On Monday Tsys unwound a large portion of the post NFP rally, spillover from the move lower has weighed on Kiwi bonds this morning.
  • The 10-Year Swap Spread remains well within recent ranges, in early dealing on Tuesday we sit at +55bps.
  • RBNZ dated OIS remain stable; a terminal rate of ~5.55% is seen in Feb 24, there are ~35bps of cuts by Oct 24.
  • Barfoot & Thompson, which sells about a third of residential properties in New Zealand’s largest city, commented in a note that the average house price rose 3% M/M in October. This marks a 4.1% on the Y/Y measure.
  • A reminder that the local docket is empty today. Looking ahead tomorrow, Q4 2-Year Inflation Expectations cross.
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