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NZGBS: Slightly Richer, US Tsys Finish With A Modest Twist-Flattening

BONDS

In local morning trade, NZGBs are slightly richer after the release of Q4 PPI data. Producer Output Prices rose 0.7% q/q in Q4 (0.8% prior), with Producer Input Prices rising 0.9% q/q (1.2% prior).

  • Overnight, US tsys twist-steepened, with benchmark yields 3bps lower to 1bp higher. The US calendar is light this week.
  • US tsys had strengthened early in line with EGBs following a larger than expected 25bp reduction in China’s 5Y LPR during Asia-Pac hours and softer ECB Q4 negotiated wages to 4.5% from 4.7%.
  • Canadian CPI inflation data for January printed an annual headline rate of 2.9%, putting it back within the target range, with the average of trimmed mean and median measures falling to 3.35%.
  • Swap rates are 1bp lower.
  • RBNZ dated OIS pricing is 1-4bps softer for meetings beyond April. A cumulative 41bps of easing is priced by year-end.
  • In Australia, Q4 Wage Price Index will be released.
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