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Curve Steepens On Monday

BONDS

NZGBs sit 3bps richer to 5bps cheaper across the major benchmarks, the curve has twist steepened pivoting on 5s.

  • A softer October PSI print, which saw the measure fall into contractionary territory, added support to the short end of the curve whilst Friday's Tsys cheapening and further pressure on the space today weighed on the long end of the curve.
  • RBNZ dated OIS price a terminal rate of 5.55% in Feb 24 with ~30bps of cuts by Sep 24.
  • 10 Year NZ US Swap spreads have been stable in today's dealing and we sit at +50bps.
  • Looking ahead, early in tomorrow's session October Food Prices cross. There is no estimate and the prior read was -0.4% M/M.
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