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NZGBS: Cheaper With US Tsys After A Weak 7Y Tsy Auction

BONDS

In local morning trade, NZGB yields are flat to 2 bps higher, with the 2/10 curve steeper, after US tsys cheapened overnight following a weak $40B 7Y note auction (tails 1.9bp: 3.859% high yield vs. 3.840% WI; 2.50x bid-to-cover vs. 2.44x last month). US tsys commenced the NY session on a weaker note, briefly firmed following higher-than-expected Initial Jobless Claims (218k vs. 210k est, 206k prior revised), before re-weakening post-auction.

  • Meanwhile: Advance Goods Trade Balance (-$90.3B vs. -$88.9B est, -$89.6B revised), Wholesale Inventories m/m in line w/ est at -0.2%, Retail Inventories m/m -0.1% vs. 0.2% est, 0.0% prior.
  • The focus on Friday will be the December reading of the Chicago Purchasing Managers Index, the final data point for 2023.
  • This a reminder that the CME Group trading floor closes at 1300ET Friday for the New Year's Holiday, while Globex closes at its normal time of 1600ET (re-open at 1600ET next Monday instead of normal Sunday opening).
  • Swap rates are flat to 3bps higher, with the 2s10s curve flatter.
  • RBNZ dated OIS pricing is little changed across meetings.
  • Today, the local calendar is empty.
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