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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 AccessNZGBS: Q4 CPI Prints In Line With Expectations, NZGBs Cheaper With US Tsys
In local morning trade, NZGBs are little changed after Q4 CPI prints in line with expectations at +0.5% q/q and 4.7% y/y. Q4 Tradable Prices fall 0.2% q/q, with Non-Tradable Prices up 1.1% q/q.
- NZGB benchmark yields had been 2-4bps higher in pre-CPI dealings after US tsys drifted cheaper during the NY session without first-tier economic data.
- The big event on Tuesday globally was a Bloomberg news story that Chinese authorities were considering a range of measures to help stabilise equity markets. Hang Seng China Enterprises Index (HSCEI) jumped almost 3% on the day but it is still around 10% lower this year.
- Swap rates are 2-3bps higher on the day.
- RBNZ dated OIS pricing is flat to 3bps firmer across meetings. A cumulative 89bps of easing is priced by year-end.
- Today, the NZ Treasury announced plans for five nominal bond auctions in February, with each weekly auction offering being NZ$500m of bonds. The NZDM also said that it expected a new May 2054 nominal bond will be launched, via syndication, before March 31. With five Thursdays in February due to the leap year, February’s issuance will total NZ$2.5bn.
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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.