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BONDS: NZGBS: Yields Closed Higher But Slightly Outperformed $-Bloc

BONDS
BulletMarketsFixed Income Bullets

NZGBs closed cheaper, with the 10-year yield 4bps higher at 4.46%, the day's high. However, on a relative basis, the NZ 10-year outperformed its $-bloc counterparts, with the NZ-US and NZ-AU differentials closing 1-2bps wider. 

  • It was offshore factors that drove the local market, with the local calendar light again this week. Tomorrow’s release of ANZ Commodity Prices is the sole release for the week.
  • On that front, cash US tsys are 1-2bps cheaper in today’s Asia-Pac session after Friday’s heavy close.
  • Swap rates closed 3-7bps higher, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed 1-4bps firmer for meetings out to July. 52bps of easing is priced for February, with a cumulative 127bps by November 2025.
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NZGBs closed cheaper, with the 10-year yield 4bps higher at 4.46%, the day's high. However, on a relative basis, the NZ 10-year outperformed its $-bloc counterparts, with the NZ-US and NZ-AU differentials closing 1-2bps wider. 

  • It was offshore factors that drove the local market, with the local calendar light again this week. Tomorrow’s release of ANZ Commodity Prices is the sole release for the week.
  • On that front, cash US tsys are 1-2bps cheaper in today’s Asia-Pac session after Friday’s heavy close.
  • Swap rates closed 3-7bps higher, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed 1-4bps firmer for meetings out to July. 52bps of easing is priced for February, with a cumulative 127bps by November 2025.