STIR: RBNZ-Dated OIS Softer Today But Way Firmer Than Pre-RBNZ Levels
RBNZ-dated OIS pricing is flat to 3bps softer across meetings today, led by the late-2026 contracts.
- No tightening is priced for February, but December 2026 assigns 48bps.
- Notably, market pricing is 10-40bps firmer than levels seen prior to November’s RBNZ decision.
Figure 1: RBNZ Dated OIS Current vs. Nov Pre-RBNZ Meeting (%)
Source: Bloomberg Finance LP / MNI
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MNI: CHINA PBOC CONDUCTS CNY67.3 BLN VIA 7-DAY REVERSE REPO MON
- CHINA PBOC CONDUCTS CNY67.3 BLN VIA 7-DAY REVERSE REPO MON
CHINA SETS YUAN CENTRAL PARITY AT 7.0572 MON VS 7.0550
- CHINA SETS YUAN CENTRAL PARITY AT 7.0572 MON VS 7.0550
US TSYS: Yields Edge Higher, TYH6 Below Key Tech Level
US bond futures are weaker in the morning trade in Asia, with the 10-Yr down -03+ to 112-13+. The losses take TYH6 below the 100-day EMA of 112-14 when it spent most of the beginning of December. Should TYH6 hold below the 100-day overnight, downside resistance will come from the 200-day EMA of 111-31.
Cash is weak Monday with long end yields underperforming, on low volumes.
- The 2-Yr is up +0.4bps at 3.49%
- The 5-Yr is up +0.7bps at 3.702%
- The 10-Yr is up 1bps at 4.159%
- The 30-Yr is up +1.1bps at 4.837%
Tonight the focus for bond markets will be a US$86bn 13-week and US$77bn 26-week bill auction alongside a US$69bn 2-Year note auction. The last 2-Yr bill auction on November 25 drew a high yield of 3.489% and a bid to cover of 2.68 x, which was the highest over the previous three auctions.
