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NZGBS: Richer After Firmer U.S. Tsys  Ahead of Weekend

BONDS

NZGBs open 1-2bp richer with U.S. Tsys firmer in trade ahead of the weekend. U.S. Tsys had opened broadly higher in NY trade on Friday after another retreat in European bank stocks but gave back part of those gains as U.S equity indices recovered. 2-year and 10-year U.S. Tsys closed respectively 7bp and 5bp richer.

  • Swaps open 3bp stronger, implying tighter swap spreads.
  • RBNZ dated OIS open flat to 2bp softer across meetings with 23bp of tightening priced for April.
  • RBNZ has just released an assessment of the banking sector's exposure to flooding risk, concluding that banks are resilient to the most severe flood sensitivities.
  • The NZ calendar is light today with the next major release not until ANZ Business Confidence and Building consents on Thursday.
  • The global calendar is relatively light until later in the week when Euro Area CPI (Mar) and US PCE deflator (Feb) are released on Friday. Core measures will be the focus given they remain far too high despite some cooling in headlines inflation.
  • Until then, Australia sees the scheduled release of two key inputs into the RBA’s policy deliberations in April: February Retail Sales on Tuesday and CPI Monthly on Wednesday.
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