A review of things you need to know before you go home on Friday; ICBC cuts TD rates, home building lags population growth, ANZ issues $350 mln, swaps unchanged, NZD higher

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

TODAY’S MORTGAGE RATE CHANGES
There were no changes today.

TODAY’S DEPOSIT RATE CHANGES
ICBC cut rates over a range of term deposit terms.

DIVERGING
Quite a bit of divergence in stock market performance in our time zone today. Following the S&P500 slip of -0.15%, the NZX50, ASX200 and Singapore have all followed lower. Tokyo is down almost -0.7%. In contrast both Shanghai and Hong Kong are both higher, up about +0.6%.

SERIOUS DEFLATION
Japan’s inflation rate
dropped for the fifth consecutive month in July, adding to pressure on the government to expand its already massive stimulus program. The data was worse than estimates had suggested and marked the biggest annual drop in more than three years.

HOME BUILDING LAGGING POPULATION GROWTH
The rate at which new homes are being built relative to our population size is less than half what it was in 1974, according to new data published by Statistics NZ today.

$350 MLN PLACED THROUGH CAPTIVE CHANNELS
ANZ today announced the final details on its offers of its unsecured unsubordinated bond offers. As such, these bonds stand equal with customers deposits. They are seeking NZ$200 mln for bonds maturing September 2021. The margin has been set at +1.25% pa and the interest rate has been set at 3.33% pa. Plus they are seeking $150 mln for bonds maturing September 2023 and the margin for these have been set at +1.50% pa and the interest rate has been set at 3.71% pa. All will be sold via their broker distribution channels and there is no public pool.

A BIT SOFTER
There was a noticeably softer tone in trading on the WMP and SMP futures contracts today. Worth keeping an eye on. Next dairy auction is on September 7.

WHOLESALE RATES UNCHANGED BUT RISK PREMIUMS FALL (AGAIN)
There has been no change to our wholsale swap rates today. NZ swap rates are here. The 90-day bank bill rate is also unchanged at 2.23%. In case you missed it earlier, we should probably also note that CDS spreads for sovereign NZ Government debt is about to fall below 20 bps. It is rare company to be with those countries below that level. The US, Norway and Germany are in that handful. The UK is not, nor Australia, nor Sweden or Denmark.

NZD EDGES UP
Our currency has edged higher today with the Kiwi now at 73.1 USc, 95.8 AUc and 64.8 euro cents. The Trade Weighted Index (TWI) is now just touching 76. Check our real-time chartshere.

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

Daily exchange rates

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for(i=0;i

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