MNI: PBOC Net Drains CNY111.2 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1307 Weds; +2.41% Y/Y

CHINA PBOC CONDUCTS CNY258 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1307 WEDS VS 7.1325

China Repo Rates Rise On Tuesday

MNI: PBOC Net Drains CNY236.6 Bln via OMO Tuesday

August Exports On Solid Footing,  Country Detail Shows Double Digit Y/Y Pace

MNI: JAPAN JULY EXPORTS +10.3% Y/Y; JUNE +5.4%

MNI: UK MAY-JUL MEDIAN PAY AWARDS +4.5% :Brightmine

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

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

BONDS
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

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.
161 words

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.

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.