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NZGBS: Modestly Richer, Subdued Dealings, Light Local Calendar Tomorrow

BONDS

NZGBs closed on a strong note, with benchmark yields 2-3bps lower.

  • Outside of the previously outlined Employment Confidence Index, there hasn't been much in the way of domestic data drivers to flag.
  • “First-quarter GDP data indicates key sectors of the economy are deteriorating rather than improving and activity in sectors most affected by interest rates is weak, the NZ Treasury Dept. says in Fortnightly Economic Update.” (per BBG)
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s small gains.
  • Swap rates closed flat to 1-2bps lower.
  • RBNZ dated OIS pricing closed little changed. A cumulative 31bps of easing is priced by year-end.
  • Tomorrow, the local calendar is empty ahead of Consumer and Business Confidence on Thursday. Thursday will also see the NZ Treasury’s planned sale of NZ$250mn of the 4.5% May-30 bond, NZ$200mn of the 3.5% Apr-33 bond and NZ$50mn of the 2.75% Apr-37 bond.
  • Tomorrow, the Australian calendar will see May’s CPI Monthly release. It is expected to post an increase of 3.8% y/y up from 3.6% the previous month.
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