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BONDS: NZGBS: Bull-Flattener To Start The Week

BONDS
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NZGBs closed flat to 4bps richer, with a flatter 2/10 curve, after a data-light local session. The next key release is Mfg Activity Volume on Wednesday. Across the ditch, the RBA will deliver its policy decision tomorrow.

  • New Zealand government is pushing ahead with moves to increase banking competition by boosting Kiwibank and taking steps to ensure the Reserve Bank places greater importance on competition in the sector, Finance Minister Nicola Willis says. (per BBG)
  • “New Zealand is often seen as the little brother against the Aussies. We’re trying to give that little brother a little bit more muscle to get a fairer deal for Kiwis”: Willis
  • Cash US tsys are flat to 1bp richer in today’s Asia-Pac session after Friday’s modest post-payrolls gains. As a reminder, the Federal Reserve entered its self-imposed blackout at midnight Friday through December 19.
  • Swap rates closed 2-4bps lower.
  • RBNZ dated OIS pricing closed flat to 2bps softer across meetings. 44bps of easing is priced for February, with a cumulative 105bps by November 2025.
  • On Thursday, the NZ Treasury plans to sell NZ$250mn of the 0.25% May-28 bond, NZ$225mn of the 4.50% May-35 bond and NZ$25mn of the 2.75% Apr-37 bond.
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NZGBs closed flat to 4bps richer, with a flatter 2/10 curve, after a data-light local session. The next key release is Mfg Activity Volume on Wednesday. Across the ditch, the RBA will deliver its policy decision tomorrow.

  • New Zealand government is pushing ahead with moves to increase banking competition by boosting Kiwibank and taking steps to ensure the Reserve Bank places greater importance on competition in the sector, Finance Minister Nicola Willis says. (per BBG)
  • “New Zealand is often seen as the little brother against the Aussies. We’re trying to give that little brother a little bit more muscle to get a fairer deal for Kiwis”: Willis
  • Cash US tsys are flat to 1bp richer in today’s Asia-Pac session after Friday’s modest post-payrolls gains. As a reminder, the Federal Reserve entered its self-imposed blackout at midnight Friday through December 19.
  • Swap rates closed 2-4bps lower.
  • RBNZ dated OIS pricing closed flat to 2bps softer across meetings. 44bps of easing is priced for February, with a cumulative 105bps by November 2025.
  • On Thursday, the NZ Treasury plans to sell NZ$250mn of the 0.25% May-28 bond, NZ$225mn of the 4.50% May-35 bond and NZ$25mn of the 2.75% Apr-37 bond.