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NZGBs Slightly Richer, Curve Little Changed, BusinessNZ PMI Rises

BONDS

NZGBs are 1-2bps richer, with the curve little changed. It has been a very slow day in the rates market here in Asia, US Tsys futures are little changed. Earlier, we had BusinessNZ Manufacturing PMI for April came in at 48.9 up from 46.8 in March.

  • US Treasury futures looked to test overnight highs earlier, before paring gains with the 10Y contract trading down (- 03+) at 108-31+, there have been a few block trades going through with a TU-FV-UXY Fly block traded, and a likely block seller of 5Y.
  • The NZGB curve is little changed, yields are about 1bp lower with the 2Y -1.3bps at 4.794% and the 10Y -1bps at 4.714%.
  • Swap rates are 1-2bps lower
  • RBNZ dated OIS is 2-4bps softer out past the August meeting, with a cumulative 42bps of easing is priced by year-end
  • Looking Ahead: Food Prices & 2Yr Inflation Expectation on Monday
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