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NZGBS: Cheaper, Closed Mid-Range, Year-End Easing Expectations Under 70bps

BONDS

NZGBs closed 1-2bps cheaper and in the middle of the local session’s ranges. In the absence of domestic data, local participants were likely on headlines and US tsys watch.

  • US tsys are dealing 1-2bps richer in today’s Asia-Pac session, reversing yesterday’s modest cheapening.
  • Nevertheless, it has been an uneventful session so far, with the only thing of note being BoJ Deputy Governor Uchida’s remarks on financial conditions and interest rates. It, however, didn’t shed too much light on when the end of NIRP will come.
  • Today’s weekly supply saw a respectable range (2.0x to 2.83x) for the auction cover ratios.
  • Swap rates closed 2bps higher.
  • RBNZ dated OIS pricing closed 2-6bps firmer for meetings beyond May. A cumulative 67bps of easing is priced by year-end compared to 96bps last Friday.
  • (BBG) NZ construction spending is projected to slow in coming years as fewer homes are built, according to a government report. The value of total construction is projected to drop to NZ$54.6bn in 2027 from NZ$61bn in 2023. (See link)
  • Tomorrow, the local calendar is empty.
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