• NZUs remain well bid
• Auctioning should not be an additional secondary market
• The auction conundrum – when and how will the cap change?
Spot NZUs closed at $24.35 – up 10 cents. No change in view; the market is better bid at present.
There is a strong expectation that auctioning will start in late 2020. Our view is that there needs to be a clear runway to make this happen but the government appear to complicating that at the moment. What we mean by this is apparently Cabinet have approved the ability for…