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Richer Start On Wednesday

BONDS

NZGBs have opened dealing 6-14bps richer across the major benchmarks, the curve has bull flattened. Spillover from Tuesday's US Tsys rally in lieu of a softer than forecast October CPI print has supported the space.

  • 10 Year NZ US Swap spreads sit at +55bps, we had been as wide as +70bps in the aftermath of the US CPI print.
  • Rate cut expectations have ticked marginally higher, RBNZ dated OIS now price a terminal rate of 5.55% in Feb 24 with ~40bps of cuts by Oct24.
  • On the wires a short time ago Card Spending fell in October 0.3% M/M, the prior read was revised downwards to 0.2% M/M. Net Migration in September was 7,510, the August number was revised higher to 12,350.
  • The local docket is empty for the remainder of today's session.
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