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NZGBS: Flat After Frenetic Wednesday


NZGBs are essentially unchanged across the major benchmarks after yesterday’s Antipodean CPI prints generated notable swings in the AU & NZ rates spaces. Swap rates are virtually unchanged as well.

  • The major RBNZ dated OIS staging posts are consolidating yesterday’s move lower, with just under 60bp of tightening priced for next month’s meeting, alongside pricing of a terminal OCR of just over 5.30%.
  • Local headline flow has seen the YtD budget deficit print a touch narrower than expected, but that won’t move the needle for the space.
  • Looking ahead, today’s local docket is headlined by the weekly NZGB auctions, covering NZGB-27, -33 & -51.
  • The observance of a national holiday in Australia will limit regional liquidity on Thursday, while the continued LNY holiday in China will remove a key macro focal point from the broader Asia-Pac sphere for the remainder of the week.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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