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NZGBS: Closed With A Twist Flattening In Line With $-Bloc Developments

BONDS

NZGBs closed with a twist-flattening of the 2/10 curve, witnessed by yields 1bp higher to 1bp lower. The local market's movement today aligns with trends in the $-bloc, influenced by the more favourable-than-expected demand observed in yesterday's 20-year US tsy auction.

  • The US tsy curve finished Monday’s NY session with a twist-flattening of the curve, pivoting at the 5s. US yields were 3bps higher to 2bps lower. Notably, the rally in longer-dated US tsys has persisted into today's Asia-Pac session, where cash US tsys are flat to 3bpps richer, contributing to a flatter curve.
  • NZGBs have underperformed their $-bloc counterparts, with the NZ-US and NZ-AU 10-year yield differentials 3bps wider on the day.
  • The 2s10s swaps curve has also twist-flattened, with yields 2bps higher to 2bps lower.
  • RBNZ dated OIS pricing closed with pricing flat out to the Apr’24 meeting and 1-3bps firmer beyond. Terminal OCR expectations remained at 5.54%.
  • Tomorrow, the NZ Treasury plans to sell NZ$225mn of the 3.0% Apr-29 bond, NZ$225mn of the 3.5% Apr-33 bond and NZ$50mn of the 2.75% Apr-37 bond.
  • The local calendar’s next release is Q3 Retail Sales Ex-Inflation on Friday.
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