Govt bonds

The return of NZ markets to normal trade should see a modest steepening of rates, helped by rises in US benchmarks

The return of NZ markets to normal trade should see a modest steepening of rates, helped by rises in US benchmarks

Offshore sentiment dictating local wholesale interest rates with longer rates falling while short rates stay steady

Offshore sentiment dictating local wholesale interest rates with longer rates falling while short rates stay steady

International bond yields touch historic lows as inflation pressures evaporate resulting in a bond price boom

International bond yields touch historic lows as inflation pressures evaporate resulting in a bond price boom

It will be difficult for 2-year swap to fall much below current levels without the market beginning to price rate cuts

It will be difficult for 2-year swap to fall much below current levels without the market beginning to price rate cuts

NZ yields fall since end of 2014. US yields also slipped back after the rises induced by the unexpectedly strong US GDP data

NZ yields fall since end of 2014. US yields also slipped back after the rises induced by the unexpectedly strong US GDP data

Clear signals from the US Fed that policy rates will rise mid 2015 sees wholesale markets bid up benchmark rates. NZ swaps follow

Clear signals from the US Fed that policy rates will rise mid 2015 sees wholesale markets bid up benchmark rates. NZ swaps follow

Tightening and flattening of rate curves continues with long end falls continuing

Tightening and flattening of rate curves continues with long end falls continuing

Tight NZGB issuance confirmed, UST yields declined as Russian risks play out; eyes now on Fed signals

Tight NZGB issuance confirmed, UST yields declined as Russian risks play out; eyes now on Fed signals

NZGB to attract more scarcity premium although key risk remains currency exposure; swaps lower and flatter again

NZGB to attract more scarcity premium although key risk remains currency exposure; swaps lower and flatter again

NZ swap yields lower as US and German benchmark bond yields fall further. Short end in NZ stable, pressure lower at long end

NZ swap yields lower as US and German benchmark bond yields fall further. Short end in NZ stable, pressure lower at long end

Markets now expecting NZ OCR hikes to 4.25% by 2017 after restart in rises in late 2015; ECB TLTRO offer spurned

Markets now expecting NZ OCR hikes to 4.25% by 2017 after restart in rises in late 2015; ECB TLTRO offer spurned

NZ swaps pushed lower by international trends; Greek yields surge higher, with contagion to Italy. Eyes on AU unemployment report

NZ swaps pushed lower by international trends; Greek yields surge higher, with contagion to Italy. Eyes on AU unemployment report

Negative risk sentiment pushes benchmark bond rates lower. Aussie weakness may weigh on NZ

Negative risk sentiment pushes benchmark bond rates lower. Aussie weakness may weigh on NZ

NZ wholesale rates struggle to find direction ahead of Fonterra payout announcement; Aussies still eyeing rate cuts in 2015

NZ wholesale rates struggle to find direction ahead of Fonterra payout announcement; Aussies still eyeing rate cuts in 2015

Rising US yields, along with higher German and Australian yields, will see longer dated NZ equivalents higher today

Rising US yields, along with higher German and Australian yields, will see longer dated NZ equivalents higher today