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BONDS: NZGBS: Strong Session Heading Into The Weekend

BONDS
BulletMarketsFixed Income Bullets

NZGBs closed showing a bull-flattener, with benchmark yields flat to 6bps lower. The local market finished at its best levels, with positive spillover from ACGBs as a possible driver. 

  • ACGBs have benefited from the recent ramping up of easing expectations following the RBA’s perceived dovish shift at its December meeting.
  • The local calendar was empty today and will remain so until the release of CoreLogic Home Values on January 2.
  • The NZ-US 10-year yield differential closed 5bps lower at -16bps, its lowest level since late 2020.
  • Swap rates closed 4-5bps lower, with the 2s10s curve unchanged.
  • RBNZ dated OIS pricing closed little changed. 54bps of easing is priced for February, with a cumulative 125bps by November 2025.
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NZGBs closed showing a bull-flattener, with benchmark yields flat to 6bps lower. The local market finished at its best levels, with positive spillover from ACGBs as a possible driver. 

  • ACGBs have benefited from the recent ramping up of easing expectations following the RBA’s perceived dovish shift at its December meeting.
  • The local calendar was empty today and will remain so until the release of CoreLogic Home Values on January 2.
  • The NZ-US 10-year yield differential closed 5bps lower at -16bps, its lowest level since late 2020.
  • Swap rates closed 4-5bps lower, with the 2s10s curve unchanged.
  • RBNZ dated OIS pricing closed little changed. 54bps of easing is priced for February, with a cumulative 125bps by November 2025.