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NZGBS: Firmer On Catch Up To U.S. CPI

BONDS

Cash NZGBs rally in light of moves in core FI markets around the U.S. CPI data, with Fed dated OIS pricing coming in post-data and another regional Fed President outlining his support for a downshift to 25bp hiking increments.

  • The major NZGB benchmarks have richened by ~8bp in what has been a parallel shift.
  • Swaps rates have moved in that direction as well, with 4-6bp moves seen there, lagging bonds, meaning that swap spreads have widened a little.
  • RBNZ dated OIS has come in at the margins, with 64bp of tightening now priced for the Feb ’23 meeting, alongside a terminal OCR of ~4.45%.
  • The local docket is empty ahead of the weekend, leaving focus on post-U.S. CPI adjustment, cross-market derived flows and headlines.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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