By Kymberly Martin
NZ markets closed little changed yesterday. Overnight US 10-year yields dribbled lower to 2.70%.
It was a fairly quiet day in NZ markets yesterday with most attention remaining on the issuance space.
Asia Development Bank printed $225m of its 5-year Kauri bond.
Further deals of this sort will likely see downward pressure remain on the NZ mid-curve. For now, NZ 5-year swap sits at 4.50%.
NZ 10-year bond yields remain at 4.57%.
Today the NZ DMO will announce the details of its $200m bond auction for tomorrow. We suspect it may continue to build out its most recent bond line, the 2020 maturity.
Last night in the face of further slightly disappointing US data releases US 10-year yields drifted lower. From intra-night highs close to 2.74% they sit at 2.70% this morning.
Tonight, UK Q4 GDP and US new home sales will be released.
Today, the domestic focus will be a speech by the Finance Minister at the Auckland Chamber of Commerce and the release of the RBNZ’s weekly mortgage approvals.
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