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NZGBs: Cheaper, RBNZ In View

BONDS

NZGBs have finished dealing 5-7bps cheaper across the major benchmarks, the curve has bear steepened.

  • A cheapening in US Tsys, after a deal to avert a govt shutdown pass Congress over the weekend, spilled over into the wider space.
  • August Building Permits fell 6.7% M/M, the prior read was revised lower to -5.4%. A reminder that early this morning the NZIER Shadow Board recommended that the OCR be held unchanged this week, 2 of the board said that the OCR should be hiked 25 bps with 6 members voting for unchanged.
  • RBNZ OIS price no change at this week's meeting, a terminal rate of 5.75% is seen in February 2024.
  • The aforementioned RBNZ meeting on Wednesday headlines an otherwise thin docket this week.
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