By Kymberly Martin
It was an extremely quiet day in NZ markets and overnight as the US celebrated a public holiday.
The NZ market showed very little reaction to yesterday’s domestic data releases, suggesting the short-end is fairly comfortable with current pricing.
It is pricing a 95% chance of a 25bps hike in March and around 112bps of hikes by year-end.
The LGFA (Local Government Funding Agency) announced details for its first tender of 2014, to be held on Wednesday. $175m of bonds are on offer: $10m of 2015s, $20m of 2017s, $10m of 2019s and $135m of 2021s.
Overnight, markets were dead quiet as the US celebrated Washington’s Birthday.
In Europe, German and UK benchmark yields traded fairly tight ranges.
German 10-year bonds traded between 1.68% and 1.70%.
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