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NZGBS: Richer, Subdued Dealings, Q1 Employment Report On Wednesday

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NZGBs closed in the middle of today’s trading range, 2-4bps richer. With a light domestic calendar and no cash US tsys trading due to a public holiday in Japan, local participants have largely sat on the sidelines.

  • Tomorrow the local calendar will see ANZ Business Confidence & Activity Outlook, ahead of the Q1 Employment Report on Wednesday. The FOMC’s Policy Decision is due Thursday morning local time.
  • Swap rates are 2-3bps lower, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing is 1-2bps firmer for meetings out to Oct-24. A cumulative 26bps of easing is priced by year-end.
  • (Bloomberg) NZ house-price inflation will be weaker than previously expected in the 1H before a recovery in the 2H, ANZ Bank NZ economists say in an emailed report containing fresh forecasts. (See link)
  • The RBNZ will close its offer to repurchase NZGBs maturing May 2024 on May 1 at 4pm, according to a notice. RBNZ repurchased NZ$1.28bn of the May 2024 bond.
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NZGBs closed in the middle of today’s trading range, 2-4bps richer. With a light domestic calendar and no cash US tsys trading due to a public holiday in Japan, local participants have largely sat on the sidelines.

  • Tomorrow the local calendar will see ANZ Business Confidence & Activity Outlook, ahead of the Q1 Employment Report on Wednesday. The FOMC’s Policy Decision is due Thursday morning local time.
  • Swap rates are 2-3bps lower, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing is 1-2bps firmer for meetings out to Oct-24. A cumulative 26bps of easing is priced by year-end.
  • (Bloomberg) NZ house-price inflation will be weaker than previously expected in the 1H before a recovery in the 2H, ANZ Bank NZ economists say in an emailed report containing fresh forecasts. (See link)
  • The RBNZ will close its offer to repurchase NZGBs maturing May 2024 on May 1 at 4pm, according to a notice. RBNZ repurchased NZ$1.28bn of the May 2024 bond.