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NZGBS: Closed On A Weak Note, Net Migration Data & RBNZ Conway Speech Tomorrow

BONDS

NZGBs closed on a weak note, with benchmark yields 4bps higher. With the domestic calendar light, local participants appear to have been content to follow the weak overnight lead from US tsys following hotter-than-expected US CPI data.

  • NZGBs have matched their $-bloc counterparts today, after yesterday’s underperformance, with the NZ-US and NZ-AU 10-year yield differentials unchanged.
  • Cash US tsys are dealing ~1bp richer in today’s Asia-Pac session after yesterday’s 5-6bps cheapening following February’s US CPI print. Looking ahead, the main focus is on Thursday's Retail Sales and PPI data.
  • Swap rates closed 3bps higher.
  • RBNZ dated OIS pricing is slightly firmer across meetings. A cumulative 63bps of easing is priced by year-end.
  • Tomorrow, the local calendar sees Net Migration data, along with a speech from RBNZ Chief Economist Conway at a Kiwibank event.
  • Tomorrow, the NZ Treasury plans to sell NZ$275mn of the 0.25% May-28 bond and NZ$225mn of the 2% May-32 bond.
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