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NZGBS: Richening Creeps In Wake Of Well-Received Supply
NZGBs added to yesterday’s richening, running 3-5bp firmer across the curve, with yesterday’s bull steepening move extending.
- Today’s local docket was headlined by the weekly NZGB auctions, covering NZGB-27, -33 & -51. Cover ratios of 1.4-4.8x were observed across the 3 lines, with the Apr-27 line seeing the strongest cover. The smooth to strong reception of the supply allowed NZGBs to richen after a muted start.
- Swap rates were 5-6bp lower, leaving swap spreads flat to wider. 2-Year swaps hit a fresh YtD low, pulling further below 5.00%.
- The major RBNZ dated OIS staging posts moved back to yesterday’s post-CPI lows, with just under 60bp of tightening priced for next month’s meeting, alongside pricing of a terminal OCR of ~5.30%.
- Local headline flow has seen the YtD budget deficit print a touch narrower than expected, but that didn’t move the needle for the space.
- Elsewhere, comments from new PM Hipkins stressed that labour shortages are the top issue facing businesses at present, not ruling out further moves in immigration policy.
- The observance of a national holiday in Australia limited regional liquidity on Thursday, while the ongoing LNY holiday in China continues to remove a macro focal point from the broader Asia-Pac region.
- Looking ahead, the monthly ANZ business survey headlines the domestic docket ahead of the weekend.
- A reminder that Auckland is closed for a regional holiday on Monday, which will limit liquidity in NZ markets.
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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.