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Imminent WGBI Index Inclusion Supports NZGBs

BONDS

The NZGB curve bull flattened on Monday, with the early cheapening more than unwound, as the imminent inclusion of NZGBs in the FTSERussell WGBI was seemingly in the driving seat during Monday’s NZ session.

  • That left cash NZGBs flat to 6.5bp richer across the curve, with swap spreads tightening as the swap curve twist flattened.
  • Softer than expected official PMI data out of China would have added some incremental support to the bid that already developed pre-data.
  • Terminal OCR pricing nudged higher on the day, last printing just below 5.20% after operating closer to 5.10% in the early rounds of trade.
  • Building permits data headlines the domestic docket on Tuesday, with participants also set to be on the lookout for any trans-Tasman spill over from the latest RBA decision.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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