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Richer, Narrow Range, Global Markets Calm Despite Russian Unrest

BONDS

NZGBs closed 5-6bp richer after trading in a relatively narrow range in local trade. With a lack of significant local news, it seems that the domestic market has been influenced by the slight strengthening of US tsys during Asia-Pac trade, triggered by the political unrest in Russia over the weekend. However, it is worth noting that global markets, including commodities such as oil and gold, as well as stocks and currencies, displayed a sense of stability during Monday's Asian trading session.

  • Swap rates closed 4-6bp lower with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed 1-4bp softer for meetings beyond July with terminal OCR expectations at 5.64%.
  • The local calendar is light until Thursday when the latest ANZ Business Outlook survey is to be released. On Friday, consumer sentiment is expected to continue to signal ongoing recessionary conditions, as households deal with the headwinds of high inflation and interest rates.
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