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NZGBS: Closed Little Changed, New May-54 Bond Issued

BONDS

NZGBs closed flat to 2bps richer and in the middle of today’s ranges. There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined PPI data.

  • Cash US tsys are dealing flat to 2bp richer in today’s Asia-Pac session, with a steepening bias present.
  • Swap rates closed 1bp higher.
  • RBNZ dated OIS pricing is 1-5bps softer for meetings beyond April. A cumulative 42bps of easing is priced by year-end.
  • NZ Treasury issued NZ$4bn of new May 2054 NZGB via syndication today. The bonds, which carry a coupon of 5.00%, were issued at a spread of 1bp over the May 2051 nominal bond, at a yield to maturity of 5.0925%. It is noteworthy that the issue was launched with a guidance of -1 to +6 bps over 2051 bond, with an issuance cap of NZ$4b.
  • Tomorrow, the local calendar will see Trade Balance data for January.
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