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NZGBs: Cheaper On Wednesday, GDP On Tap Tomorrow

BONDS

NZGB's finished dealing ~5bps cheaper across the major benchmarks. The spillover from Tuesday's core global FI cheapening weighed at the open and held through the session.

  • Swap rates ticked a touch higher, with the 2s10s spread marginally flattening. RBNZ pricing remains stable with a terminal rate of 5.64% seen in October.
  • The IMF noted that the RBNZ shouldnt cut rates for a prolonged period, warning that a reignition of demand would need more tightening. More here.
  • The Q1 Current Account Balance was a touch narrower than expected printing a $5.215bn deficit vs $6.85bn exp.
  • On the wires tomorrow we have Q1 GDP. A fall of -0.1% Q/Q is expected.
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