September 28, 2022 21:47 GMT
The BoE-inspired richening witnessed in wider core global FI markets on Wednesday has provided a bid in early Thursday trade, with the major NZGB benchmarks running 15-17bp richer on the session, and light bull flattening evident.
- Swap spreads are generally flat to marginally tighter.
- RBNZ dated OIS continues to full price a 50bp hike at next week’s meeting (~52bp of tightening is seen last), with terminal rate pricing hovering just below 4.75%, ~10bp below what was seen late Wednesday.
- The weekly round of NZGB issuance (’27, ’32 & ’41 paper is due to be auctioned) and the monthly ANZ business survey headline today’s domestic docket.