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NZGBS: Richer, Light Local Calendar, ANZ Commodity Prices Tomorrow

BONDS

NZGBs closed with the benchmarks richer and at or near the local session’s best levels. With the local calendar once again light, the direction of the market is likely entirely due to movements in US tsys.

  • After finishing yesterday’s NY session with moderate gains across benchmarks, cash tsys have extended those gains by 1-2bps in today’s Asia-Pac session. The market remains focused on US CPI/PPI inflation measures on Thursday/Friday respectively.
  • Nevertheless, the NZGB 10-year has underperformed its $-bloc counterpart, with the NZ-US and NZ-AU yield differentials 1bp and 3bps wider respectively.
  • Swap rates closed 3-4bps lower, with the 2s10s curve slightly steeper.
  • RBNZ dated OIS pricing closed 2-5bps softer across meetings beyond February. Cumulative easing by year-end sits at 94bps.
  • Tomorrow, the local calendar sees ANZ Commodity Prices. REINZ House Sales and CoreLogic House Prices are due over the coming days also.
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