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NZGBS: Unchanged To Start The Week, Light Calendar

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In local morning trade, NZGBs are flat to 1bp cheaper after US tsys finished trading ahead of the weekend with a bear flattening of the curve. An initial move lower in US tsy yields on Friday was reversed following stronger-than-expected housing construction data. The 2-year yield reached a low of 4.8% before finishing 5bps higher at 4.89%. The 10-year yield was unchanged on the day at 4.44% despite a temporary drop to 4.38%. A $15 billion auction of a new 20-year tsy is due later today.

  • Australian bond futures are slightly weaker suggesting limited directional bias for NZGBs in early dealings.
  • Swap rates are 1bp higher.
  • RBNZ dated OIS pricing is little changed out to Aug-24. Oct’24 is 3bps softer at 4.96%. Terminal OCR expectations sit at 5.54%.
  • Today, the local calendar, along with the Asian and Australian calendars, is light. Tomorrow sees October’s trade balance data, along with Australia's RBA Minutes for the November meeting.
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In local morning trade, NZGBs are flat to 1bp cheaper after US tsys finished trading ahead of the weekend with a bear flattening of the curve. An initial move lower in US tsy yields on Friday was reversed following stronger-than-expected housing construction data. The 2-year yield reached a low of 4.8% before finishing 5bps higher at 4.89%. The 10-year yield was unchanged on the day at 4.44% despite a temporary drop to 4.38%. A $15 billion auction of a new 20-year tsy is due later today.

  • Australian bond futures are slightly weaker suggesting limited directional bias for NZGBs in early dealings.
  • Swap rates are 1bp higher.
  • RBNZ dated OIS pricing is little changed out to Aug-24. Oct’24 is 3bps softer at 4.96%. Terminal OCR expectations sit at 5.54%.
  • Today, the local calendar, along with the Asian and Australian calendars, is light. Tomorrow sees October’s trade balance data, along with Australia's RBA Minutes for the November meeting.