MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Japan Nov CGPI Rises 3.7% Y/Y, Import Prices Drop

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NZGBS: Twist Flattens As Short-End Unwinds Gains

BONDS

NZGBs closed stronger but off session bests, particularly for the short end. 2/10 NZGB cash curve steepened 6bp on the day with 2-year and 10-year benchmark yields respectively flat and 6bp lower. The 2-year yield was down as much as 8bp early. Without a domestic catalyst, NZGBs moved away from bests as US tsys cheapened in Asia-Pac trade.

  • 2s10s swap curve twist flattens with rates 1bp higher to 3bp lower and implied long-end swap spreads wider.
  • RBNZ dated OIS closed flat to 3bp firmer across meetings. May meeting pricing remained at 22bp of tightening.
  • The Antipodean calendar sees the RBA Policy Decision tomorrow, with no change expected, ahead of the release of the Q1 Labour Market Report on Wednesday. BBG consensus expects some cooling in tight labour market conditions. Q1 wage growth is however expected to remain at Q4’s strong pace.
  • Ahead of the release of the 2023 Financial Stability Report (Wed), the RBNZ noted in an article that NZ lending is generally at variable or short-term fixed rates, which means the potential losses for banks from interest rate movements are smaller.
  • Ahead of the RBA decision, the local market will be guided by US tsys through the release of US ISM Manufacturing PMI later today.
HomepageCommoditiesBulletMarketsFixed Income Bullets
HomepageCommoditiesBulletMarketsFixed Income Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.