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NZGBS: Short-End Closes Unchanged But On A Soft Note, Profit Taking Continues

BONDS

NZGBs closed flat to 3bps richer, with the short end finishing on a soft note. 2- to 5-year NZGBs closed flat after being as much as 3-4bps richer early following the positive lead-in from US tsys overnight.

  • With the domestic calendar light today, today’s lacklustre performance at the short end appears to be an extension of recent profit-taking after the stellar post-RBNZ rally. While the 2-year yield remains 13bps lower than pre-RBNZ levels, it is 13bps higher than Friday’s close.
  • On a relative basis, as well, the week has been a difficult one with the AU-NZ 10-year yield differential 8bps lower since Friday at -28bps. For reference, the differential was as high as -5bps in late July.
  • Swap rates closed 3-6bps lower, with the 2s10s curve flatter.
  • RBNZ dated OIS pricing closed 1-3bps softer across meetings. A cumulative 72bps of easing is priced by year-end.
  • Tomorrow, the local calendar is empty, ahead of Q2 Retail Sales Ex Inflation data on Friday.
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