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NZGBs Cheaper On Wider Impetus

BONDS

A move higher in global FI yields applied pressure to NZGBS as we moved through Wednesday trade, leaving the major benchmarks running 3.0-5.5bp cheaper on the session, with some light bear steepening in play.

  • 2- & 5-Year swap spreads pushed wider, while 10- & 15-Year swap spreads narrowed a touch.
  • Another round of solid domestic filled jobs data was observed.
  • RBNZ OIS pricing is little changed vs. what was seen at the start of the session i.e. 53bp of tightening priced for next week’s meeting, with a terminal rate of ~4.85% priced at present.
  • The weekly round of NZGB issuance (’27, ’32 & ’41 paper is due to be auctioned) and the monthly ANZ business survey headline domestic matters on Thursday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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