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NZGBS: Richer, Narrow Ranges, Cash US Tsys Are Closed For MLK Day

BONDS

NZGBs closed 3-5bps richer across benchmarks after dealing with relatively narrow ranges in today’s local session. With the domestic data calendar empty and cash US tsys closed for observance of the Martin Luther King Day public holiday, the local market has held the morning’s levels.

  • US tsy futures are slightly weaker in today’s Asia-Pac session, with newsflow light. A reminder that Globex will close at 1300ET on Monday and re-open at 1800ET, preceding normal session hours on Tuesday.
  • Swap rates closed 2-6bps lower, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed 1-5bps softer across meetings, with July/August leading. A cumulative 98bps of easing is priced by year-end.
  • Tomorrow, the local calendar sees the NZIER Business Opinion Survey.
  • On Thursday, the NZ Treasury plans to sell NZ$275mn of the 0.25% May-28 bond, NZ$175mn of the 3.5% Apr-33 bond and NZ$50mn of the 2.75% Apr-37 bond.
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