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NZGBS: Market Still Digesting RBNZ Message & Potential NZGB Supply

BONDS

With the threat of future NZGB supply (tied to the Government’s cyclone recovery plans) hanging over the market and RBNZ Governor Orr reiterating his hawkish message during his Finance and Select Committee appearance yesterday, NZGBs opened 4bp weaker despite U.S. Tsys closing slightly stronger after whip-saw NY morning action.

  • NZ 2s10s curve opens steeper with the 2-year rate 3bp higher and the 10-year +8bp. 10-year swap spread widens, giving back yesterday’s narrowing.
  • RBNZ dated-OIS has opened 2-3bp firmer across all meetings with the market still digesting the RBNZ meeting and hawkish messaging. April meeting pricing shows 40bp of tightening priced with terminal OCR pricing firming to 5.47%.
  • With U.S. Tsy guidance minimal and the calendar light on both sides of the Tasman, the market is likely to trade on the back of RBNZ communications and/or government announcements on its natural disaster recovery strategies.
HomepageBond Market NewsBulletMarketsFixed Income Bullets
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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