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NZGBS: Closed Mid-Range, Richer, US ADP Data Later Today

BONDS

NZGBs closed in the middle of the session’s range, 3-6bps richer across benchmarks.

  • Outside of the previously outlined Terms of Trade and the Government’s 10-month Financial Statements, there hasn't been much in the way of domestic drivers to flag.
  • The move away from the session’s best levels aligns with a ~1bp cheapening in cash US tsys in today’s Asia-Pac session ahead of the release of ADP Private Employment data later today.
  • Swap rates closed 2-6bps lower, with the 2s10s curve flatter.
  • RBNZ dated OIS pricing closed 1-4bps softer for meetings beyond August. A cumulative 24bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see May CoreLogic House Prices, Q1 Volume of All Buildings and May ANZ Commodity Price data.
  • Today, the NZ Treasury launched the syndicated tap of May 2028 nominal bonds, seeking at least NZ$2bn this week. Transaction will be capped at NZ$4bn and priced tomorrow. Initial guidance 3-6 bps under April 2027 nominal bond. The June 6 bond auction is cancelled.
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