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NZGBS: Subdued Open With US Markets Closed

BONDS

In local morning trade, NZGBs are 1bp cheaper after a subdued start to the week with the US out in observance of the Presidents Day holiday. There were only minor movements in US tsy and equity futures on Monday.

  • Swap rates are unchanged.
  • RBNZ dated OIS pricing little changed across meetings. A cumulative 38bps of easing is priced by year-end.
  • Today, the local calendar is empty, ahead of PPI data tomorrow. In Australia, the RBA will release the Minutes of its February meeting, ahead of the Wage Price Index (WPI) tomorrow.
  • Today, the NZDM announced the launch of a new May 2054 bond for this week, cancelling the scheduled February 22 bond auction. The NZDM expects to issue at least NZ$2bn of the new bond via syndication, with a cap of NZ$4bn. Pricing will be on February 21, with guidance at -1 to +6 over May 2051 yield.
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