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NZGBs Consolidate Most Of Early Richening, Winding Towards RBNZ Decision

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NZGBs held onto the bulk of their early richening, leaning on Friday’s bid in Gilts and Asia-Pac richening in U.S. Tsys as sources of support in a headline-light session.

  • That left the major NZGB benchmarks running 1.0-6.5bp richer across the curve at the close of Monday trade, with bull steepening in play.
  • Focus remains on Wednesday’s RBNZ decision, with a 50bp hike widely universally expected and fully discounted by OIS. The Bank’s rhetoric will therefore be key for the space, with a terminal rate of ~4.85% currently priced (little changed on the day).
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NZGBs held onto the bulk of their early richening, leaning on Friday’s bid in Gilts and Asia-Pac richening in U.S. Tsys as sources of support in a headline-light session.

  • That left the major NZGB benchmarks running 1.0-6.5bp richer across the curve at the close of Monday trade, with bull steepening in play.
  • Focus remains on Wednesday’s RBNZ decision, with a 50bp hike widely universally expected and fully discounted by OIS. The Bank’s rhetoric will therefore be key for the space, with a terminal rate of ~4.85% currently priced (little changed on the day).