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NZGBS: Closed On Weak Note After A Poor May-41 Auction

BONDS

NZGBs closed on a weak note with the long-end pressured by a poor auction of the 1.75% May-41 bond.

  • NZ Treasury sold just NZ$94mn May-41 bonds, resulting in the overall proceeds from the weekly supply falling short of the NZ$500mn target (NZ$494mn).
  • All the bids were accepted at an average yield of 5.0529%, with a cover ratio of just 0.94x. The sales of the May-31 and May-34 bonds also showed lacklustre demand, with cover ratios of 1.07x and 1.79x respectively.
  • The 10-year benchmark closed with its yield 7bps higher than the morning’s low. On a relative basis, the NZ-AU 10-year yield differential closed 6bps wider at +33bps. Cash US tsys are closed today for the 4th of July holiday.
  • Outside of the previously outlined Government financial statements and property prices, there hasn't been much in the way of domestic drivers to flag.
  • Swap rates closed flat to 1bp lower with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed little changed. A cumulative 36bps of easing is priced by year-end.
  • Tomorrow, the local calendar is empty.
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