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NZGBS: Slightly Richer, Focus On US Payrolls Data Later Today

BONDS

NZGBs closed slightly richer, with yields 1-2bps lower. With local news flow relatively light, trading ranges were narrow and volumes light ahead of the much-anticipated US Employment Report.

  • The report is expected to show that the US added 180,000 jobs in May, while the unemployment rate remained steady.
  • NZ Treasury sold $15.8bn worth of bonds this year as of June 6, according to Bloomberg calculations using official data. Issuance was up 63% compared to the same period last year.
  • Swap rates closed little changed.
  • RBNZ dated OIS pricing is little changed across meetings. A cumulative 25bps of easing is priced by year-end.
  • This week's key event for stir markets was the BoC Policy Decision on Wednesday, which delivered the first rate cut in the $-bloc for this cycle.
  • The next policy meetings for the remainder of the $-bloc are FOMC (June 12), RBA (June 18), and RBNZ (July 10). Market pricing assigns a low probability of any moves at these meetings.
  • Next week’s local data calendar is empty on Monday and Tuesday ahead of Net Migration on Wednesday, Card Spending on Thursday and REINZ House Sales, BusinessNZ Manufacturing PMI and Food Prices on Friday.
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