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NZGBS: Subdued Session, Light Local Calendar Next Week

BONDS

NZGBs closed 2-3bps cheaper but off the session’s worst levels. With the domestic calendar light, the move away from the session’s yield high appeared tied to a similar move by cash US tsys. Currently, US tsys are dealing flat to 1bp cheaper in today’s Asia-Pac session after yesterday’s 2-5bp cheapening.

  • Swap rates are 1-2bps higher, with the 2s01s curve steeper.
  • RBNZ dated OIS pricing is slightly firmer for 2025 meetings. A cumulative 29bps of easing is priced by year-end.
  • Next week, the local calendar is light, with Trade Balance data on Monday and Consumer and Business Confidence on Thursday.
  • Later today, the US calendar will see S&P Flash PMIs, Leading Index and Home Sales.
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