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NZGBs: Richer On Monday

BONDS

NZGBs have finished dealing 3-7bps richer across the major benchmarks, the early support from Friday's move in US Tsys in lieu of the October NFP print extended through the session. The curve bull flattened.

  • Rate differentials, observed via 10-Year Swaps, narrowed a touch on Monday and sit at +58bps.
  • RBNZ dated OIS remain stable, a terminal rate of 5.55% is seen in Feb 24, there are ~35bps of cuts by Oct 24.
  • In the latest NZ election news the NZ Nationals need two partners to govern, negotiations are continuing. PM-elect Luxon told Radio NZ (BBG), that he would like to detail spending plans in a mini budget before Christmas.
  • The ANZ Commodity Price Index rose 2.9% M/M in October as a lower NZD and recovering demand for dairy products added support.
  • The local docket is relatively light this week with just Q4 2-Year Inflation Expectations, Oct Card Spending and Oct BusinessNZ Mfg PMI due.
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