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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.
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Free AccessMNI China Daily Summary: Wednesday, December 11
NZGBS: Closed On Weak Note After A Poor May-41 Auction
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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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.