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NZGBS: Stronger, Digesting Weekend News

BONDS

NZGBs open 8bp richer across the curve after the stronger lead from U.S Tsys ahead of the weekend and news out over the weekend that UBS had taken over embattled Credit Suisse for around $2bn. Also, out is an announcement of coordinated central bank action to enhance the provision of U.S. dollar liquidity.

  • Swaps are 7-8bp richer with the 2s10s curve unchanged.
  • RBNZ dated OIS pricing opens little changed with April pricing showing 24bp of tightening and terminal OCR expectations at 5.27%.
  • No major local data slated for this week. RBNZ Chief Economist Conway is however scheduled to give a speech: “The path back to low inflation in NZ” at a capital markets forum on Thursday.
  • Across the Tasman, the local docket is also light with RBA Kent's speech at the KangaNews DCM Summit today (commencing soon 2205 GMT) and RBA Minutes the focus.
  • Globally, all eyes will be on the FOMC meeting (Tue/Wed) to see if the Fed will keep monetary and financial stability decisions separate and raise the funds rate. BBG consensus is expecting a 25bp hike, although some analysts are expecting no move. Before recent adverse credit developments, there had been active discussion about a 50bp hike at the March meeting.
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