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NZGBs Curve Steady, Yields Rise 9-10bps

BONDS

NZGBs closed cheaper, with yields 9-10bps higher following large moves in the US on Friday on the back of stronger Non farm payrolls. There has been little else in the way of market moving headlines, with the market now adjusting to the rate hike percentage.

  • NZGBs opened trading for the week just 5-6bps higher, although continued to sell off throughout the session and closed near session highs
  • The 2yr is +9.5bps at 4.891%, 10yr +9.6bps at 4.710%
  • Swaps are 2-10bps higher, curve steepened
  • Headlines: Chinese Premier Li Qiang to visits NZ this week. Luxon to explore AUKUS opportunities
  • RBNZ dated OIS pricing is little changed. A cumulative 24bps of easing is priced by year-end.
  • looking Ahead, REINZ House Sales, BusinessNZ Manufacturing PMI & Food Prices on Friday
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