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NZGBS: Bull-Flattener But Underperformed $-Bloc

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NZGBs closed on a strong note, led by the short-end, with benchmark yields 3-6bps lower.

  • However, on a relative basis, the NZGB 10-year underperformed its $-bloc counterparts with the NZ-US and NZ-AU yield differentials 2-3bps wider.
  • Cash US tsys are 1-2bps richer, with a steepening bias, in today’s Asia-Pac session, extending Friday’s post-Powell rally.
  • (Bloomberg) “NZ Government has approved a raft of actions to address the “serious risk” to energy security and affordability, Energy Minister Simeon Brown and Resources Minister Shane Jones say in an emailed statement.” (See link)
  • Swap rates are 3bps lower.
  • RBNZ dated OIS pricing is 2-6bps softer across meetings. A cumulative 75bps of easing is priced by year-end.
  • This week, the local calendar is light until Filled Jobs data on Wednesday, ANZ Business Confidence on Thursday and Building Permits on Friday.
  • On Thursday, the NZ Treasury plans to sell NZ$250mn of the 4.50% May-30 bond, NZ$200mn of the 4.50% May-35 bond and NZ$50mn of the 2.75% May-51 bond.
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NZGBs closed on a strong note, led by the short-end, with benchmark yields 3-6bps lower.

  • However, on a relative basis, the NZGB 10-year underperformed its $-bloc counterparts with the NZ-US and NZ-AU yield differentials 2-3bps wider.
  • Cash US tsys are 1-2bps richer, with a steepening bias, in today’s Asia-Pac session, extending Friday’s post-Powell rally.
  • (Bloomberg) “NZ Government has approved a raft of actions to address the “serious risk” to energy security and affordability, Energy Minister Simeon Brown and Resources Minister Shane Jones say in an emailed statement.” (See link)
  • Swap rates are 3bps lower.
  • RBNZ dated OIS pricing is 2-6bps softer across meetings. A cumulative 75bps of easing is priced by year-end.
  • This week, the local calendar is light until Filled Jobs data on Wednesday, ANZ Business Confidence on Thursday and Building Permits on Friday.
  • On Thursday, the NZ Treasury plans to sell NZ$250mn of the 4.50% May-30 bond, NZ$200mn of the 4.50% May-35 bond and NZ$50mn of the 2.75% May-51 bond.