AUSSIE BONDS: Slightly Mixed, Conflicting Comments On US/Iran War Talks

NZGBs are unchanged despite US tsys finishing 2-6bps richer, with the 5-10-year zone leading.  

• US tsys were buoyed by risk-off sentiment although they nudged a couple of bps higher on Axios reporting Kushner and Witkoff are urging Trump to give diplomacy a chance in US-Iran negotiations.
• Fresh catalysts for the latest push lower in yields have been limited although it looks to be an extension of moves following President Trump's latest tariffs comments, starting with threats of much higher tariffs and worse for any country that wants to “play games” before the lack of needing congressional approval.
• WTI futures have also pulled back after sizeable gains earlier, with US-Iran tensions firmly in focus ahead of Thursday’s indirect talks in Geneva.
• Today in the US sees multiple data releases (likely highlighted by weekly ADP and the Conference Board Consumer survey), Fed Governor Cook speaking on AI and 2Y supply.
• Swap rates are little changed.
• RBNZ-dated OIS pricing is little changed across meetings. No tightening is priced for April, while December 2026 assigns 27bps.
• The local calendar will be empty.
• On Thursday, the NZ Treasury plans to sell NZ$250mn of the 1.50% May-31 bond and NZ$200mn of the 4.25% May-34 bond.

Bloomberg Finance LP

• South Korea to Sell KRW500bn 2.75% 20-Year Bonds
• Hong Kong to Sell HK$14.6 Bn 182-Day Bills
• Hong Kong to Sell HK$68.057 Bn 91-Day Bills
• Bank of Thailand to Sell THB65 bn of 91-Days Bills
• China to Sell CNY135 bn 2036 Bonds
• China to Sell CNY130 bn 2029 Bonds
• MAS to Sell 4-Week Bills
• MAS to Sell 12-Week Bills
• Indonesia to Sell 5% 2030 Sukuk Bonds
• Indonesia to Sell 5.875% 2028 Sukuk Bonds
• Indonesia to Sell 6.875% 2049 Sukuk Bonds
• Indonesia to Sell 6.75% 2043 Sukuk Bonds
• Indonesia to Sell 39-Day Sukuk Bills
• Indonesia to Sell 6.5% 2039 Sukuk Bonds
• Indonesia to Sell 165-Day Sukuk Bills
• Indonesia to Sell 270-Day Sukuk Bills
• MAS to Sell S$13.6 Bn 28-Day Bills
• MAS to Sell S$22 Bn 84-Day Bills
• Philippines to Sell 3.75% 2028 Bonds
• Philippines to Sell 6.375% 2050 Bonds
• Bank Indonesia to Sell 89-Day Bills
• Bank Indonesia to Sell 29-Day Bills
• Bank Indonesia to Sell 274-Day Bills
• Bank Indonesia to Sell 181-Day Bills
• Bank Indonesia to Sell 365-Day Bills 

source:  Bloomberg Finance LP / MNI