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NZGBS: Richer With U.S. Tsys As Bank Stocks Weaken

BONDS

NZGBs open 2-3bp richer as U.S. Tsys climb across the board in late trade, partially tied to the sell-off in bank stocks. U.S. Tsys briefly scaled back gains when Tsy Secretary Yellen stated that she was prepared for additional deposit actions if warranted. Nonetheless, by the bell, U.S. Tsys had extended their post-FOMC decision rally with the 2-year yield declining 14bp to 3.80% and the 10-year declining 3bp to 3.40%. Also, overnight the Bank of England and the Swiss National hiked interest rates respectively 25bp and 50bp following the lead from the ECB and the Federal Reserve.

  • Swaps open 3bp stronger with the 2s10s curve unchanged.
  • RBNZ dated OIS pricing opens 1-5bp softer across meetings with terminal rate expectations at 5.16%. April meeting continues to hold in its recent 20-25bp of tightening range at 22bp.
  • The NZ calendar is light today with the next major release not until ANZ Business Confidence and Building consents on Thursday.
  • Elsewhere, Judo Bank Australia PMI is the first of the global roll-out of flash PMIs today. Japan CPI is also slated for release today.
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