A review of things you need to know before you go home on Monday; some TD cuts and a 'special', sheep production holds, IAG's issue priced and rated, TPP treaty to Parliament, swaps bounce, NZD stable

Here are the key things you need to know before you leave work today.

TODAY'S MORTGAGE RATE CHANGES
There were no changes announced today.

TODAY'S DEPOSIT RATE CHANGES
Asset Finance cut their two year rate. Heartland Bank launched a 9 month 'special' of 3.75%. TSB Bank cut all rates from 3 months to 2 years. The Police Credit Union cut its rates for period 9 months to two years.

BOTTOM OF THE CLIFF
The 2016 Budget will provide for about 3,000 emergency housing places across the country via NGOs. The Government will provide more than $40 mln over the next four years for this emergency housing, plus some funding for very short-term accommodation grants.

SHEEP UP, BEEF DOWN
Unlike beef, sheepmeat production levels are holding in New Zealand. They are up +1.1% this year over last. Beef production is down almost -6%, more in the South Island. The production levels in Australia are better for sheep (+3% year-on-year, and worse for beef (-20% year-on-year).

WHAT PRICE RISK?
The size of IAG's 'debt raising' has now been revealed. Insurance Australia Group Limited announced today that it is making an offer of up to NZ$250 mln of "unsecured subordinated convertible notes" to institutional investors and New Zealand retail investors, with the ability to accept up to NZ$100 mln in over-subscriptions at its discretion. All or some of the Notes will convert into ordinary shares in IAG if a non-viability event occurs (or, if conversion does not occur, the Notes will be written off). A non-viability event could occur if IAG encounters severe financial difficulty. For this risk, you are being offered a fixed rate for the first 6 years, then a margin of between 2.6% and 2.9% over the 90 day bank bill rate. Given today's 90 day bank bill rate, the first fixed rate will be probably a bit north of 5%. S&P is rating these bonds an investment grade BBB.

TPP MOVES FORWARD HERE
The Trans Pacific Partnership bill was presented to Parliament today. The full text of the treaty is here. Our independent assessment of key Chapters is here.

SWAP RATES IN SMALL BOUNCE
The deep dive we saw at the end of last week in wholesale swap rates may have been a bit too far. Today they firmed somewhat, up +2 to +4 bps across the curve. NZ swap rates are here. The 90-day bank bill rate is unchanged at 2.36%.

NZ DOLLAR UNCHANGED
Very light trading today that has not shifted rates much at all. The Kiwi dollar is still at 68.3 USc, 92.7 AUc, 60 euro cents. The TWI-5 remains at 71.6. Check our real-time charts here.

You can now see an animation of this chart. Click on it, or click here.