NZGBs extend on their early FOMC-inspired bid in lieu of the latest round of NZGB supply, which came in the form of NZGB-28, -33 & -37. The auctions saw strong to very strong demand, with all 3 well covered, providing cover ratios of 2.5-4.6x, as the longest bond on offer generated the firmest cover. The major NZGB benchmarks now sit ~9bp richer across the curve in what has been a parallel shift.

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NZGBS: Firing Further On Firm Demand For Latest Supply