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BONDS: NZGBS: Cheaper But A Subdued Session, US JOLTS & ISM Services Later Today

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NZGBs closed 1-2bps cheaper after a relatively subdued session. In relative terms, the NZGB 10-year’s performance was mixed, with the yield differential to US tsys 2bps wider but unchanged against ACGBs. 

  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session after yesterday’s modest bear-steepener. Tuesday’s US data calendar includes JOLTS, ISM Services and Tsy 10Y Re-Open.
  • Today, the local calendar was empty ahead of ANZ Commodity Prices, the sole release for the week.
  • Swap rates are 1-2bps higher.
  • Swap rates closed flat to 2bps higher, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed little changed. 52bps of easing is priced for February, with a cumulative 127bps by November 2025.
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NZGBs closed 1-2bps cheaper after a relatively subdued session. In relative terms, the NZGB 10-year’s performance was mixed, with the yield differential to US tsys 2bps wider but unchanged against ACGBs. 

  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session after yesterday’s modest bear-steepener. Tuesday’s US data calendar includes JOLTS, ISM Services and Tsy 10Y Re-Open.
  • Today, the local calendar was empty ahead of ANZ Commodity Prices, the sole release for the week.
  • Swap rates are 1-2bps higher.
  • Swap rates closed flat to 2bps higher, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed little changed. 52bps of easing is priced for February, with a cumulative 127bps by November 2025.