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NZGBs: Hold Early Gains

BONDS

NZGBs have held their early gains through Wednesdays dealing and sit 9-16bps richer across the major benchmarks, the belly leads the bid.

  • Spillover from Tuesday's US Tsys rally in lieu of a softer than forecast October CPI print supported the space this morning and the impact lingered through today's session.
  • 10 Year NZ US Swap spreads sit at +55bps, we had been as wide as +70bps in the aftermath of the US CPI print.
  • RBNZ dated OIS now price a terminal rate of 5.55% in Feb 24 with ~20bps of cuts by Oct24.
  • On the wires early in the session Card Spending fell in October 0.3% M/M, the prior read was revised downwards to 0.2% M/M. Net Migration in September was 7,510, the August number was revised higher to 12,350.
  • Looking ahead the docket is light tomorrow with just Oct House Sales and Non-Resident Bond Holdings due.
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