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BONDS: NZGBS: Little Changed, NZ-US 10Y Diff Tightest Since Late 2020

BONDS
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NZGBs were slightly mixed, with benchmark yields 1bp lower to 1bp higher. Early weakness following the negative lead in from US tsys was reversed, but trading was subdued ahead of a holiday-shortened trading week. 

  • The NZ-US 10-year yield differential is at -11bps, the lowest level since late 2020.
  • Swap rates are 1-2bps higher, with the 2s10s curve steeper.
  • RBNZ-dated OIS pricing is showing 54bps of easing for February, with a cumulative 123bps by November 2025.
  • Trading will resume on the 27th of December.
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NZGBs were slightly mixed, with benchmark yields 1bp lower to 1bp higher. Early weakness following the negative lead in from US tsys was reversed, but trading was subdued ahead of a holiday-shortened trading week. 

  • The NZ-US 10-year yield differential is at -11bps, the lowest level since late 2020.
  • Swap rates are 1-2bps higher, with the 2s10s curve steeper.
  • RBNZ-dated OIS pricing is showing 54bps of easing for February, with a cumulative 123bps by November 2025.
  • Trading will resume on the 27th of December.