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NZGBS: Little Changed, US Tsys Closed Weaker Ahead of Weekend

BONDS

NZGBs open 1bp stronger despite the softer close for US Tsys in NY trade ahead of the weekend. US Tsys reversed early session strength to close moderately weaker after the S&P US PMIs for April surprised on the upside (Manf 50.4 Vs. 49.0, Srvcs 53.7 Vs. 51.5 & Comp 53.5 Vs. 51.2 est.). After the bell on Friday, cash US Tsy 2-year and 10-year yields were 4bp higher. Fed funds implied hike for May’23 remained largely unchanged at 22bp with a cumulative 29bp hike priced by Jun’23.

  • NZ/US 10-year yield differential has opened 5bp narrower at +56bp compared to the local close on Friday.
  • Swap rates 1bp higher with implied swap spreads 2bp wider.
  • RBNZ dated OIS opened little changed with 20bp of tightening priced for the May meeting.
  • It is a quiet start to Antipodean week with no data scheduled ahead of the ANZAC Day holiday tomorrow. ANZ Business (Thu) and Consumer Confidence (Fri) are the highlights later in the week.
  • Elsewhere, the RBNZ has announced that the appropriate risk weight for banks to apply to investments in the Business Growth Fund (BGF) has been set at 250%. The BGF was announced in Budget 2022 to help SMEs access finance.
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