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NZGBS: A Touch Firmer Post-FOMC

BONDS
HomepageBond Market NewsBulletMarketsFixed Income News

Post-FOMC feedthrough leaves the major NZGB benchmarks running 4-5bp richer in early trade, while swap rates are 4-7bp lower, with that curve steepening a touch and swap spreads flat to a touch tighter.

  • RBNZ dated OIS continues to show just over 55bp of tightening for next month’s meeting, with terminal OCR pricing holding below 5.30% in the wake of yesterday’s slightly softer than expected labour market report.
  • Locally, building permits data provided a soft outcome, although post-FOMC adjustments will dominate any impetus from that data release.
  • Domestic headline flow has been fairly limited elsewhere.
  • Weekly NZGB supply headlines the NZ calendar during the remainder of the session, covering NZGB-28, -33 & -37.
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Post-FOMC feedthrough leaves the major NZGB benchmarks running 4-5bp richer in early trade, while swap rates are 4-7bp lower, with that curve steepening a touch and swap spreads flat to a touch tighter.

  • RBNZ dated OIS continues to show just over 55bp of tightening for next month’s meeting, with terminal OCR pricing holding below 5.30% in the wake of yesterday’s slightly softer than expected labour market report.
  • Locally, building permits data provided a soft outcome, although post-FOMC adjustments will dominate any impetus from that data release.
  • Domestic headline flow has been fairly limited elsewhere.
  • Weekly NZGB supply headlines the NZ calendar during the remainder of the session, covering NZGB-28, -33 & -37.