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NZGBs Finish Off Best Levels, But Still Richer

BONDS

NZGBs finished off best levels after an extension of the early richening linked to Tuesday’s firming of global core FI markets reversed a touch as it became apparent that Western powers were not willing to lay the blame of the missile that hit Polish territory (and killed two Polish civilians) on Tuesday squarely at the feet of Russia.

  • Still, cash NZGBs were 3.5-4.5bp richer across the curve come the bell, with light bull flattening in play.
  • Swap spreads were little changed come the close after some mixed performance at different stages of the session.
  • RBNZ dated OIS pricing was incrementally softer, with ~63bp of tightening priced for next week’s meeting, while terminal OCR pricing sits around 5.05%.
  • Local data revealed an uptick in non-resident NZGB bond holdings.
  • Looking ahead, tomorrow will see the release of Q3 PPI data.
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NZGBs finished off best levels after an extension of the early richening linked to Tuesday’s firming of global core FI markets reversed a touch as it became apparent that Western powers were not willing to lay the blame of the missile that hit Polish territory (and killed two Polish civilians) on Tuesday squarely at the feet of Russia.

  • Still, cash NZGBs were 3.5-4.5bp richer across the curve come the bell, with light bull flattening in play.
  • Swap spreads were little changed come the close after some mixed performance at different stages of the session.
  • RBNZ dated OIS pricing was incrementally softer, with ~63bp of tightening priced for next week’s meeting, while terminal OCR pricing sits around 5.05%.
  • Local data revealed an uptick in non-resident NZGB bond holdings.
  • Looking ahead, tomorrow will see the release of Q3 PPI data.