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NZGBS: Marginally Cheaper, Lagging Wider Move Seen Since Close

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NZGB yields nudge higher in early trade given the lead from U.S. Tsys and German Bunds, with the fairly parallel 2bp of cheapening observed across the curve a little more limited than the moves witnessed in the major core global FI markets on Tuesday, and indeed vs. ACGBs.

  • Swap rates are also 2bp higher, leaving swap spreads flat in early dealing.
  • RBNZ dated OIS is unchanged when it comes to Feb ’23 meeting pricing, with 66bp of tightening eyed. Meanwhile, terminal OCR pricing continues to operate either side of 5.50% in the early rounds of ’23 trade.
  • Supra Kauri issuance has been launched, in the form of 7-Year sustainable paper from IADB.
  • Local headline flow remains subdued to start the year.
  • Local lower tier data saw an eighth straight M/M gain for filled jobs, with the latest ANZ commodity price index reading due later in the day. That will leave broader impulses, including cross-market moves and Australian data, at the fore through Wednesday’s session.
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NZGB yields nudge higher in early trade given the lead from U.S. Tsys and German Bunds, with the fairly parallel 2bp of cheapening observed across the curve a little more limited than the moves witnessed in the major core global FI markets on Tuesday, and indeed vs. ACGBs.

  • Swap rates are also 2bp higher, leaving swap spreads flat in early dealing.
  • RBNZ dated OIS is unchanged when it comes to Feb ’23 meeting pricing, with 66bp of tightening eyed. Meanwhile, terminal OCR pricing continues to operate either side of 5.50% in the early rounds of ’23 trade.
  • Supra Kauri issuance has been launched, in the form of 7-Year sustainable paper from IADB.
  • Local headline flow remains subdued to start the year.
  • Local lower tier data saw an eighth straight M/M gain for filled jobs, with the latest ANZ commodity price index reading due later in the day. That will leave broader impulses, including cross-market moves and Australian data, at the fore through Wednesday’s session.