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NZGBS: Closed Richer & At Session Bests, May-28 Tap Showed Strong Demand

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NZGBs closed at the session’s best levels, 3bps richer. The previously outlined domestic data drop (CoreLogic House Prices, Construction Work and ANZ Commodity Prices) failed to provide much of a market moving catalyst.

  • The market appeared more focused on today’s syndicated tap of the May-28 bond. News that an additional NZ$3.5bn of the line was issued, the high end of the issuance range of NZ$2-4bn, seemed to buoy the market. The bonds were issued at 4bps under the April 2027 nominal bond versus guidance 3-6bps under. There will be no further issuance of the bond prior to September 2024.
  • Cash US tsys are dealing 1-2bps cheaper in today’s Asia-Pac session ahead of Weekly Claims and Unit Labor Costs as well as the ECB Policy Decision. Friday will see Non-Farm Payrolls data.
  • Swap rates closed 4bps lower.
  • RBNZ dated OIS pricing closed little changed. A cumulative 25bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see Mfg Activity data.
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NZGBs closed at the session’s best levels, 3bps richer. The previously outlined domestic data drop (CoreLogic House Prices, Construction Work and ANZ Commodity Prices) failed to provide much of a market moving catalyst.

  • The market appeared more focused on today’s syndicated tap of the May-28 bond. News that an additional NZ$3.5bn of the line was issued, the high end of the issuance range of NZ$2-4bn, seemed to buoy the market. The bonds were issued at 4bps under the April 2027 nominal bond versus guidance 3-6bps under. There will be no further issuance of the bond prior to September 2024.
  • Cash US tsys are dealing 1-2bps cheaper in today’s Asia-Pac session ahead of Weekly Claims and Unit Labor Costs as well as the ECB Policy Decision. Friday will see Non-Farm Payrolls data.
  • Swap rates closed 4bps lower.
  • RBNZ dated OIS pricing closed little changed. A cumulative 25bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see Mfg Activity data.