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Dip from ADB kauri defies rise in offshore rates, soaks up local mortgage demand

Bonds
Dip from ADB kauri defies rise in offshore rates, soaks up local mortgage demand
23rd Jun 14, 8:29am by bnzeconomists

By Raiko Shareef

NZ swap yields continued to fall on Friday, defying the rise in offshore rates on Thursday night.

The 1 bp to 2 bp dip across the curve was driven by more Kauri flow announced on Thursday, with the Asian Development Bank tapping its 2019 line.

This receiving interest was more than enough to soak up the local mortgage book payers.

US Treasuries saw a narrowly mixed performance on Friday night, with 2-year yields up by 1 bp and 10-year yields down 2 bps to 2.61%.

Daily swap rates

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Source: NZFMA
Source: NZFMA
Source: NZFMA
Source: NZFMA
Source: NZFMA
Source: NZFMA
Source: NZFMA

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