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Free AccessNZGBS: Closed On Strong Note, Post-RBNZ Rally Continues
NZGBs closed on a strong note, with benchmark yields 4-6bps lower.
- Outside of the previously outlined Performance Services Index and REINZ House Sales, there hasn't been much in the way of domestic drivers to flag.
- Cash US tsys have been closed during today’s Asia-Pac session due to a holiday in Japan.
- Today’s move brings the cumulative post-RBNZ Decision rally to 19-29bps, with the 2/10 curve 10bps steeper.
- It is also noteworthy that the NZGB 10-year yield finished at its lowest closing level this year at 4.45%.
- On a relative basis, as well, the recent rally has been impressive, with the NZ-AU 10-year yield differential closing at +11bps, its lowest level since August 2022.
- Swap rates closed 5-6bps lower.
- RBNZ dated OIS pricing is 4-5bps softer for late-2024/2025 meetings. A cumulative 65bps of easing is priced by year-end.
- Tomorrow, the local calendar will see Non-Resident Bond Holdings data, ahead of Q2 CPI on Wednesday. Bloomberg consensus expects the annual rate to decline to 3.4% from 4.0% in Q1.
- On Thursday, the NZ Treasury plans to sell NZ$225mn of the 3.00% Apr-29 bond, NZ$225mn of the 4.25% May-34 bond and NZ$50mn of the 2.75% Apr-37 bond.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.