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NZGBs Marginally Cheaper On Global Impetus, Markets Look Ahead To RBNZ

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Some light cheapening has been observed in NZGBs given Thursday’s uptick in core global FI yields, with the major benchmarks running ~2bp cheaper across the curve.

  • Swaps spreads are essentially unchanged, with swap rates tracking the move in NZGBs.
  • RBNZ dated OIS currently prices in ~64bp of tightening for next week’s meeting, with a terminal rate of jut over 5.05% priced, both nudging incrementally higher vs. closing levels observed on Thursday.
  • The local docket is empty on Friday with little in the way of major macro risk events slated ahead of the weekend.
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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