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NZGBS: Unchanged, Subdued Start To The Trading Week

BONDS

In local morning trade, NZGBs are unchanged after a subdued start to the trading week for global bonds. Newsflow was light. Indeed, the global economic calendar for the entire week looks fairly light. US PCE deflator data, Fedspeak, Tsy supply and the first US Presidential election debate, later in the week, are the highlights.

  • Further weakness in big tech equities, including a third straight drop in Nvidia (-13% over that period for over -$400bn in market cap), weighed on the NASDAQ and the S&P 500 with respective losses of -1% and -0.3%. Both closed with record highs last Tuesday.
  • The US tsy 10-year finished 2bps richer at 4.23%, while the 2-year yield was 1bp lower at 4.72%.
  • The Westpac Banking Corp. and McDermott Miller Employment Confidence Index fell 13 points to 91.4 in Q2.
  • Swap rates are flat to 1bp higher.
  • RBNZ dated OIS pricing is little changed. A cumulative 30bps of easing is priced by year-end.
  • On Thursday, the NZ Treasury plans to sell NZ$250mn of the 4.5% May-30 bond, NZ$200mn of the 3.5% Apr-33 bond and NZ$50mn of the 2.75% Apr-37 bond.
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