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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 AccessNZGBS: Closed With A Significant Bull-Flattening Price Indices Data
NZGBs have bull-flattened into the close of the local session, with yields flat to 9bps lower. After dealing in narrow ranges for much of the session, 5-10-year NZGBs rallied 5-7bps after Statistics NZ reported price indexes for selected goods and services for November.
- Food, fuel and alcohol prices, comprising ~27% of CPI, rose at a slower annual pace.
- The strengthening of the market was aided by downward revisions from sell-side banks. Westpac NZ economists cut their forecast for Q4 CPI inflation. Westpac now sees CPI rising 0.3% q/q versus the previous projection of 0.6%. Separately, ASB Bank said that the selected price index data suggested annual inflation through November had slowed. “Prices were down 0.5% in November, with annual inflation a smidgen below 5%... and consistent with our core view that there is considerable downside risk to the 5.0% y/y RBNZ pick”.
- Swap rates closed 11-13bps lower, with the 5-year outperforming.
- RBNZ dated OIS pricing is 4-11bps softer across meetings beyond Apr’24, with Nov’24 leading. The market now has 65bps of easing priced by Nov’24.
- Tomorrow, the NZ Treasury plans to sell NZ$200mn of the 4.5% May-30 bond, NZ$225mn of the 3.5% Apr-33 bond and NZ$75mn of the 2.75% May-51 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.