Antipodean Influence Offset By Issuance

TYZ2 has stuck to a narrow 0-07+ range in Asia-Pac hours, last printing around the mid-point of that range, -0-03 at113-13.

• This leaves the major cash Tsy benchmarks at essentially unchanged levels across the curve.
• The cross-market impact of richer NZGBs & ACGBs post-RBNZ (where the expected 50bp hike was delivered and the Bank just about managed to stay away from a decisively hawkish shift) was cancelled out by the marketing of a US$ multi-tranche round of issuance from the Philippines (consisting of 5-, 10- & 25-Year paper).
• ADP employment data, the ISM services survey and Fedspeak from Kashkari & Bostic headline Wednesday’s NY docket.
• Elsewhere, the latest OPEC+ decision will cross on Wednesday, with various source reports prepping market participants for a sizable output cut (in headline quota terms, at a minimum), which supported crude oil over the first couple of sessions of the week (putting a bid into U.S. breakevens).