New Zealand government bonds will look to the government's half-yearly economic and fiscal update for direction during Tuesday's session, says Bank of New Zealand currency strategist Kymberly Martin in a note. "It will provide an update of the government's goal to return to operating surplus by 2014/2015. It should provide more detail on likely bond issuance in the year ahead. We expect little in the report likely to upset rating agencies' view of the sovereign rating." Martin adds Thursday will be the Debt Management Office's last tender for 3 to 4 weeks, which "suggests it should attract good demand." Bond yields closed just 1-2 basis points lower Monday.
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