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Richer Start, Docket Empty

BONDS

NZGBs have opened dealing 1-6bps richer across the major benchmarks. The space has been supported in early trade as a rally in Tsys on Wednesday has provided support. Risk off flows and a total of 155bps of rate cuts to the end of 2024 were the main drivers.

  • 10 Year NZ US Swaps have ticked lower and sit at +57bps, we had been as wide as +78bps in early December.
  • RBNZ dated OIS are stable seeing the OCR steady at 5.50% in Feb 24, there are ~100bps of cuts by Nov 24.
  • NZ Tsy plans two bond auctions in January, each auction will offer NZ$500m bonds and the dates are 18 and 25 Jan (BBG).
  • A reminder that NZ PM Luxon noted yesterday that his administration has a "Single-Minded" focus on slowing inflation so that interest rates can begin to fall (BBG).
  • The local data docket is empty for the remainder of the week.
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