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NZGBS: Closed On A Positive Note, Tracking US Tsys With The Local Calendar Empty

BONDS

NZGBs ended the day on a positive note, with benchmark yields down by 6-7bps. This outcome is notable considering the mixed demand metrics observed during today's weekly supply. Cover ratios varied from 2.02x for the May-51 bond to 3.42x for the May-32 bond.

  • With the domestic market devoid of data today, the strengthening in today’s session mirrored the robust performance seen in US tsys overnight, which has extended into today's Asia-Pacific session. Cash US tsys have gained approximately 2bps across benchmarks.
  • Furthermore, there is likely some positive spill-over effect from ACGBs, which have strengthened by 4-5bps following the release of the March Employment Report.
  • Swap rates closed 5-6bps lower, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed is 3bps softer for meetings beyond August. A cumulative 52bps of easing is priced by year-end.
  • The local calendar is empty again tomorrow. The next major release is Trade Balance data for March on Wednesday.
  • Today’s US calendar will see Weekly Claims, Existing Home Sales and Fed Speak including Bostic and Collins.
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