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BONDS: NZGBS: Closed Richer On A Shortened Pre-Holiday Session

BONDS
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On an abbreviated last session of the year, NZGBs closed richer, with benchmark yields 4-8bps lower. 

  • The local calendar was empty today. CoreLogic Home Values will be released on January 2.
  • There has been no cash dealing in US tsys today with Japan out for a bank holiday. TYH5 is +0-03+ firmer at 109-02+ after Monday’s solid gains. Today’s US data (prior, est) includes FHFA House Price Index MoM (0.7%, 0.4%) and S&P CoreLogic CS 20-City MoM SA (0.18%, 0.20%) at 0900ET, Dallas Fed Services Activity (9.8, --) at 1030ET.
  • Swap rates closed 5-7bps lower, with the 2s10s curve flatter.
  • RBNZ dated OIS pricing closed little changed across meetings. 55bps of easing is priced for February, with a cumulative 123bps by November 2025.
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On an abbreviated last session of the year, NZGBs closed richer, with benchmark yields 4-8bps lower. 

  • The local calendar was empty today. CoreLogic Home Values will be released on January 2.
  • There has been no cash dealing in US tsys today with Japan out for a bank holiday. TYH5 is +0-03+ firmer at 109-02+ after Monday’s solid gains. Today’s US data (prior, est) includes FHFA House Price Index MoM (0.7%, 0.4%) and S&P CoreLogic CS 20-City MoM SA (0.18%, 0.20%) at 0900ET, Dallas Fed Services Activity (9.8, --) at 1030ET.
  • Swap rates closed 5-7bps lower, with the 2s10s curve flatter.
  • RBNZ dated OIS pricing closed little changed across meetings. 55bps of easing is priced for February, with a cumulative 123bps by November 2025.