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NZGBS: Yields Steady Despite Higher US Move On Friday, Q4 GDP The Main Focus This Week

BONDS

NZ government bond yields have started the Monday session slightly higher, but with very little follow through. Yield gains sit barely positive at this stage. This goes against a generally higher US yield backdrop we saw in US trade during Friday's session, amid continuing inflation concerns (front end 2yr close to YTD highs at 4.73%).

  • The NZ 2yr yield was last near 4.71%, remaining within recent ranges. The 10yr was last near 4.63%, still close to recent highs.
  • In the swap space, the 2yr was last near4.88%, little changed in the first part of trade today. The 10yr last at 4.37%.
  • Carry over from comments by the NZ FinMin on Friday - around "significantly slower" economic growth for NZ over the coming years, may be limiting the spill over from higher yields in the US in the near term.
  • On the data front we have already had the PSI (services PMI) print for Feb, it came out at 53.0, versus 52.2 prior. We aren't too far off May 2023 highs and now comfortably above the expansion/contraction point.
  • The main data focus this week will be on Q4 GDP.
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