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NZGBS: Slightly Cheaper, Subdued Dealings, Thanksgiving Holiday On Radar

BONDS

NZGBs concluded the session on a slightly less favourable note, trading 2-3bps cheaper across benchmarks. The overall session remained relatively subdued, marked by an empty local calendar and US tsys adopting a pre-Thanksgiving holiday mode.

  • In today's Asia-Pacific session, cash US tsys are 1-2bps cheaper, retracing modest gains from the previous day. The FOMC minutes released yesterday did not provide any groundbreaking information, reiterating the higher-for-longer stance. This resulted in minimal market reaction. Looking ahead, the US calendar for later today includes Initial Jobless Claims and the UofMich Consumer Sentiment Survey.
  • Swap rates closed 1-2bps higher, with the 2s10s curve flatter.
  • RBNZ dated OIS pricing closed little changed across meetings. Terminal OCR expectations remained at 5.54%.
  • Tomorrow, the local calendar is once again empty, ahead of Q3 Retail Sales Ex-Inflation on Friday.
  • Tomorrow, the NZ Treasury plans to sell NZ$225mn of the 3.0% Apr-29 bond, NZ$225mn of the 3.5% Apr-33 bond and NZ$50mn of the 2.75% Apr-37 bond.
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