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BONDS: NZGBS: Slightly Richer As Early Cheapening Reversed

BONDS
BulletMarketsFixed Income Bullets

NZGBs closed 1-3bps richer, with a steeper 2/10 curve, after dealing 3bps cheaper early. With the local calendar empty, price swings can be traced back to a 2-3bp richening in cash US tsys in today’s Asia-Pac session. 

  • Reminder: Open outcry and CME Globex trading session for interest rate products will have an early close of 1300 ET and 1315ET, respectively on January 9, 2025. Sole US data today: Challenger Job Cuts at 0730ET; Several Fed speakers throughout the day.
  • Swap rates are 1-3bps higher.
  • On a relative basis, NZGBs underperformed slightly with the NZ-US and NZ-AU 10-year yield differentials ~1bp wider.
  • Swap rates closed 1-3bps lower, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed flat to 4bps softer. 51bps of easing is priced for February, with a cumulative 129bps by November 2025.
  • The local calendar is empty tomorrow. The next data release is Monday, with Building Permits and Filled Jobs on tap. 
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NZGBs closed 1-3bps richer, with a steeper 2/10 curve, after dealing 3bps cheaper early. With the local calendar empty, price swings can be traced back to a 2-3bp richening in cash US tsys in today’s Asia-Pac session. 

  • Reminder: Open outcry and CME Globex trading session for interest rate products will have an early close of 1300 ET and 1315ET, respectively on January 9, 2025. Sole US data today: Challenger Job Cuts at 0730ET; Several Fed speakers throughout the day.
  • Swap rates are 1-3bps higher.
  • On a relative basis, NZGBs underperformed slightly with the NZ-US and NZ-AU 10-year yield differentials ~1bp wider.
  • Swap rates closed 1-3bps lower, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed flat to 4bps softer. 51bps of easing is priced for February, with a cumulative 129bps by November 2025.
  • The local calendar is empty tomorrow. The next data release is Monday, with Building Permits and Filled Jobs on tap.