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NZGBS: Weaker With US Tsys, Heavy US Calendar Today

BONDS

NZGBs ended the session on a weak note, with yields climbing by 4bp across the benchmarks. The reversal in the local market can be attributed to a cheapening in US tsys, following the news of the US House of Representatives voting in favour of raising the US debt ceiling by a margin of 314-117.

  • Additionally, the lacklustre demand observed at the auction of May-28 and May-34 bonds further contributed to the afternoon weakness. Notably, the cover ratios for these auctions declined to 2.64x and 2.75x from their previous levels of 3.40x and 4.13x, respectively. Although the cover ratio for the May-51 auction did experience a significant increase to 4.8x from 2.46x, the corresponding cash bond has traded 2.5bp cheaper following the auction, along with the other offerings.
  • Swap rates closed -1bp lower to 1bp higher with the 2s10s 1bp flatter.
  • RBNZ dated OIS closed flat to 1bp softer across meetings.
  • The local calendar sees Q1 data for the Terms of Trade and Volume of All Buildings tomorrow.
  • Ahead of that, the US calendar today sees the release of the ADP Employment report, ISM Manufacturing Index, final figures for Unit Labour Costs and Productivity in Q1, Challenger Job Cuts, and weekly Initial Jobless Claims. These releases will set the stage for Friday's highly anticipated Non-Farm Payrolls report.
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