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NZGBS: Closed On A Positive Note, US Tsys Richen In Today’s Asia-Pac Session

BONDS

NZGBs closed near the session’s best levels, flat to 1bp richer across benchmarks. With the domestic calendar light, the move away from the morning’s cheaps was linked to a 1-2bps richening in US tsys across benchmarks in today’s Asia-Pac session.

  • US investors now keenly await two key events on Wednesday: the latest US CPI data and the latest thoughts from Federal Reserve Chairman Jerome Powell following the FOMC Decision.
  • The Federal Reserve is widely expected to keep borrowing costs steady for the seventh consecutive meeting.
  • Consumer spending is likely to be weak this year as households temper their spending to cover higher mortgage costs and purchase necessities, the Treasury Dept. says in a Fortnightly Economic Update (per BBG).
  • Swap rates closed 3-4bps lower, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed 2-4bps softer for meetings beyond October. A cumulative 23bps of easing is priced by year-end.
  • The local calendar will see Net Migration tomorrow, ahead of Card Spending data on Thursday.
  • On Thursday, the NZ Treasury plans to sell NZ$250mn of the 3% Apr-29 bond, NZ$200mn of the 2% May-32 bond and NZ$50mn of the 2.75% Apr-37 bond.
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