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Yields Tracking Lower, 10yr Yield Back To Mid September Levels

NEW ZEALAND

NZGBS have seen lower yields through Thursday Asia Pac trade. This follows weaker core yields in Wednesday offshore trade, with little in the way of fresh domestic news flow.

  • The fiscal deficit to end Q3 was slightly better than expected, by a little over NZ$220mn. BNZ also noted a pull back in October job ads (-5.6%). This is consistent with NZ Treasury analysis around a softening labor market backdrop. Weaker headline China CPI may have also helped at the margins.
  • The 10yr yield is back sub 5.00% (last 4.8%), off a little over 8 bps. This is back to mid September lows. 2yr yields were also lower, but only marginally, settling just under 5.30% (-1bps).
  • This left the 2/10s curve in a continued flattening trend. We are back to -31bps, after being near flat at the start of the month.
  • Tomorrow on the data front we have the October manufacturing PMI out, the last print was 45.3.
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