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NZGBS: Closed A Data-Light Session On A Positive Note

BONDS

NZGBs closed on a positive note, with benchmark yields 2-10 bps lower. In a session characterised by a lack of significant data releases, local participants opted to maintain their positions, initiated by the robust rally in global bonds observed yesterday. Notably, US tsys are sitting 1-2 bps cheaper in today’s Asia-Pac session.

  • It's worth noting that the rally in JGBs yesterday, prompted by the BoJ's Summary of Opinions for the December Monetary Policy Meeting, contributed to the positive momentum in global bonds. However, today's weakness in US tsys can be partially attributed to the sell-off in longer-dated JGBs following unexpectedly robust activity data. 30-40-year JGBs are currently dealing 4-6 bps cheaper.
  • Swap rates are 7-10 bps lower and at session lows, with the 2s10s curve flatter.
  • RBNZ dated OIS pricing 3-8 bps softer across meetings beyond Feb’24. The market has 116bps of easing priced by Nov’24.
  • Tomorrow, the local calendar is once again empty.
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