FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NZGBS: Richer On The Day, Outperforms ACGBs, US Holiday

BONDS

NZGBs closed 5-6bp richer after opening slightly cheaper following the weaker lead-in from US tsys trading ahead of the weekend. With the market reaction to the increase in the BusinessNZ PSI limited, the strengthening over the local session appears to have been aided by a slight richening in both US tsy futures (cash tsys are closed for the Juneteenth holiday) and ACGBs in Asia-Pac trading. Nonetheless, NZGBs outperformed with the NZ/AU 10-year yield differential 5bp narrower at 43bp.

  • Swap rates closed 1-4bp lower with the 2s10s curve flatter and implied swap spreads 3-4bp wider.
  • RBNZ dated OIS closed little changed with terminal OCR expectations at 5.61%.
  • NZ services expanded last month, according to the Performance of Services Index compiled by the Bank of New Zealand Ltd. and Business NZ. The May PSI jumped 3.2pts to 53.3 after declining to its lowest level this year in April.
  • NZGBs held by international investors, as reported by the RBNZ, rose from 62.1% to 63.2% in May, the highest level since 2016.
  • The local calendar is slated to release Q2 Westpac Consumer Confidence tomorrow ahead of May Trade Balance data on Thursday.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.