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NZGBS: Marginally Cheaper On Broader Impulse

BONDS

The cheapening observed in U.S. Tsys & ACGBs since Thursday’s local close has leaked into NZGBs, with the major benchmarks running 2-3bp cheaper across the curve, bear flattening at the margin.

  • Meanwhile, swap rates are 2bp higher across the curve.
  • Near term RBNZ dated OIS measures are virtually unchanged, with just over 70bp of tightening priced for the Feb ’23 meeting, alongside a terminal OCR of ~5.55%.
  • The local docket is empty on Friday and there hasn’t been much in the way of meaningful domestic headline flow observed since Thursday’s local close. Expect subdued activity unless we get something in the way of meaningful macro news flow.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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