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BONDS: NZGBS: Bear-Steepener As US Tsys Pressure On A Light Data Day

BONDS
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NZGBs closed showing a bear-steepener, with benchmark yields flat to 7bps higher. 

  • Cash US tsys are little changed in today’s Asia-Pac session after Friday’s heavy session. US data this week includes MNI PMI and Pending Home Sales on Monday, FHFA housing data on Tuesday, Weekly Claims and Construction Spending on Thursday, and ISMs on Friday.
  • The NZ-US 10-year yield differential closed 2bps higher at -14bps after hitting -18bps early, its lowest level since late 2020. However, the NZ-AU 10-year did finish 3bps lower at flat.
  • The local calendar was empty today and will remain so until the release of CoreLogic Home Values on January 2.
  • Swap rates closed 5-6bps higher.
  • RBNZ dated OIS pricing closed flat to 3bps firmer across meetings, with late 2025 leading. 54bps of easing is priced for February, with a cumulative 122bps by November 2025.
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NZGBs closed showing a bear-steepener, with benchmark yields flat to 7bps higher. 

  • Cash US tsys are little changed in today’s Asia-Pac session after Friday’s heavy session. US data this week includes MNI PMI and Pending Home Sales on Monday, FHFA housing data on Tuesday, Weekly Claims and Construction Spending on Thursday, and ISMs on Friday.
  • The NZ-US 10-year yield differential closed 2bps higher at -14bps after hitting -18bps early, its lowest level since late 2020. However, the NZ-AU 10-year did finish 3bps lower at flat.
  • The local calendar was empty today and will remain so until the release of CoreLogic Home Values on January 2.
  • Swap rates closed 5-6bps higher.
  • RBNZ dated OIS pricing closed flat to 3bps firmer across meetings, with late 2025 leading. 54bps of easing is priced for February, with a cumulative 122bps by November 2025.