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NZGBs: Marginally Firmer On Tuesday

BONDS

NZGBs have finished dealing on Tuesday 1-3bps richer across the major benchmarks, the curve has bull flattened.

  • Global FI richened on spillover from the PBOC cutting the 7-day repo cut 10bps to 1.90%. NZGBs firmed off session lows on the move but remained within daily ranges.
  • RBNZ dated OIS pricing has eased a touch today, a terminal rate of 5.62% is now seen in October.
  • Apr Estimated Net Migration rose 5785, the prior read was a touch higher to 13,176.
  • On the wires early tomorrow we have Q1 Balance of Payments and May Food Prices.

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