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Richer, Narrow Ranges On Thursday

BONDS

NZGBs have finished dealing 2-8bps richer across the major benchmarks, the belly lead the bid. The support to the space seen early in the session, from Wednesday's bid in US Tsys, marginally extended through the session however narrow ranges persisted for the most part.

  • 10-Year NZ US Swaps have been stable today and sit at +57bps, as have RBNZ dated OIS. There are ~100bps of cuts in the OCR priced by Nov 24.
  • NZ Tsy plans two bond auctions in January, each auction will offer NZ$500m bonds and the dates are 18 and 25 Jan (BBG).
  • A reminder that the local data docket is empty tomorrow.

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