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NZGBS: Cheaper, Mixed Outcomes For Weekly Supply, US CPI Due

BONDS

NZGBs closed 2-3bp weaker, mid-range, as global bonds braced for today’s US CPI data.

  • US tsys are sitting at session lows in Asia-Pac trade, with no obvious headline driver. This leaves cash tsys ~1bp cheaper across the major benchmarks.
  • In terms of the weekly supply, outcomes were varied. The auction of NZ$275 million worth of May-26 bonds and NZ$75 million of the 2.75% Apr-37 bonds witnessed decreased cover ratios (2.77x and 2.01x respectively). Conversely, the sale of NZ$150 million of May-32 bonds experienced an elevated cover ratio (3.01x). Nevertheless, the lines were 2-3bp richer in post-auction trading.
  • Swap rates are 2-3bp higher with the 2s10s curve flatter.
  • RBNZ dated OIS pricing is flat to 3bp softer, with '24 meetings leading.
  • Tomorrow the local calendar sees July’s Manufacturing PMI and Food Price Index.
  • In addition to US CPI data, the US calendar sees Initial Jobless Claims along with Fedspeak from SF Fed President Daly and Atlanta Fed President Bostic. There is also the latest 30-year supply.
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