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NZGBS: Closed Richer & At Session Bests After Trade Resumed Following Yesterday’s Holiday

BONDS

NZGBs closed at the session’s best levels, 2-9bps richer, after yesterday’s holiday. With the domestic calendar empty until Friday’s release of ANZ Consumer Confidence data, local participants have been guided by US tsys.

  • In the wake of yesterday's abrupt turnaround, which pushed down US tsy yields following the 10-year's surge to a fresh cycle high above the 5% threshold, US tsys have exhibited a twist-flattening in today's Asia-Pacific session. Cash US tsys are dealing 1.5bps cheaper to 1bp richer.
  • The NZGB 10-year closed with a mixed performance versus its $-bloc counterparts. The NZ-US and NZ-AU 10-year yields differentials closed 1bp wider and 4bps narrower respectively.
  • Swap rates closed 6-9bps lower, with the 2s10s curve flatter and implied swap spreads slightly narrower.
  • RBNZ dated OIS pricing closed flat to 2bps softer across meetings, with terminal OCR expectations at 5.61% versus 5.63% yesterday.
  • While the local calendar is empty tomorrow, Australia sees Q3 CPI data.
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