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BONDS: NZGBS: Closed Flat, Subdued Start To The Week For Global Bonds

BONDS
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NZGBs closed flat after trading 1-2bps richer earlier in the session. NZ-US and NZ-US 10-year yield differentials finished 1bp wider than Friday’s closing levels.

  • With the domestic calendar light today, the local market sought guidance from US tsys. However, cash US tsys are little changed in today’s Asia-Pac session after Friday’s modest bull-steepener.
  • With a limited docket of impactful events on this week's US schedule, the focus will be on weekly jobless claims data and flash PMIs, with appearances by FOMC members Logan and Schmid featuring Monday, and the Fed's Beige Book out Wednesday.
  • Swap rates closed 1bp higher, with implied swap spreads wider.
  • RBNZ dated OIS pricing closed flat to 3bps softer, with April 2025 leading. A cumulative 101bps of easing is priced by February, with 56bps by year-end.
  • Tomorrow, the local calendar will see Trade Balance data and a speech on Financial Markets by RBNZ Assistant Governor Silk. RBNZ Governor Adrian Orr will speak about monetary policy at the Peterson Institute on Thursday. 
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NZGBs closed flat after trading 1-2bps richer earlier in the session. NZ-US and NZ-US 10-year yield differentials finished 1bp wider than Friday’s closing levels.

  • With the domestic calendar light today, the local market sought guidance from US tsys. However, cash US tsys are little changed in today’s Asia-Pac session after Friday’s modest bull-steepener.
  • With a limited docket of impactful events on this week's US schedule, the focus will be on weekly jobless claims data and flash PMIs, with appearances by FOMC members Logan and Schmid featuring Monday, and the Fed's Beige Book out Wednesday.
  • Swap rates closed 1bp higher, with implied swap spreads wider.
  • RBNZ dated OIS pricing closed flat to 3bps softer, with April 2025 leading. A cumulative 101bps of easing is priced by February, with 56bps by year-end.
  • Tomorrow, the local calendar will see Trade Balance data and a speech on Financial Markets by RBNZ Assistant Governor Silk. RBNZ Governor Adrian Orr will speak about monetary policy at the Peterson Institute on Thursday.