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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI China Daily Summary: Friday, December 13
MNI US OPEN - UK Economy Contracts for Second Straight Month
NZGBS: Outperforming $-Bloc Counterparts Ahead Of The Pre-Election Fiscal Update
NZGBs closed the session at their highest levels, with benchmark yields showing a decline of 3-6bp. In the absence of domestic catalysts, local market participants appear to have been influenced by developments in US tsys during the Asia-Pac session. Nevertheless, NZGBs have outperformed their counterparts in the $-bloc, which is noteworthy as it precedes the Pre-Election Economic and Fiscal Update scheduled for Tuesday.
- NZ-US and NZ-AU 10-year yield differentials have narrowed by 5bp and 3bp, respectively. Both differentials had been widening until about a week ago, aligning with speculation that NZ’s fiscal situation was deteriorating beyond what was anticipated in the recent NZ budget. The recent outperformance of NZGBs over the past week appears to be driven by position adjustments or investors capitalising on more favourable entry points.
- Swap rates are 1-8bp lower, with the implied 2s10s swap spread box flatter.
- RBNZ dated OIS pricing is little changed across meetings out to May’24 and 1-3bp softer beyond.
- Next week the local calendar is empty on Monday, ahead of the Pre-Election Economic and Fiscal Update and Retail Card Spending on Tuesday.
- On Thursday 14 September, the NZ Treasury plans to sell NZ$200mn of the 0.5% May-26 bond, NZ$200mn of the 1.50% May-31 bond and NZ$100mn of the 1.75% May-41 bond.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.