September 30, 2024 00:42 GMT
BONDS: Morgan Stanley On Asia Pac Month End Bond Extensions
BONDS
Morgan Stanley: "Japan: We expect the 1y+ JGB index to extend by 0.023y in September, compared to an average
month’s extension range of ~0.02-0.06y. A total of ~¥10.1 trillion of issuance will affect
the extension and ¥3.1 trillion worth of JGBs will be reinvested. Exhibit 13 shows the
estimated amount to be reinvested in various maturities based on weights of the
outstanding issues.
Australia: We expect the 1y+ ACGB index to extend by 0.007y in September, compared to an
average September extension of 0.017y and an average month's extension of 0.074y. A
total of about A$5.2 billion of issuance will affect the extension and there are no bonds
falling out of the 1y+ index. The ACGB All Stocks Index will extend by 0.01y.
average September extension of 0.017y and an average month's extension of 0.074y. A
total of about A$5.2 billion of issuance will affect the extension and there are no bonds
falling out of the 1y+ index. The ACGB All Stocks Index will extend by 0.01y.
New Zealand: We expect the 1y+ NZGB index to extend by 0.004y in September, lower than an average
September extension of 0.03y and an average month's extension of 0.029y. A total of
about NZ$2 billion of issuance will affect the extension and there are no bonds falling out
of the index. The NZGB All Stocks index will extend by 0.009y."
September extension of 0.03y and an average month's extension of 0.029y. A total of
about NZ$2 billion of issuance will affect the extension and there are no bonds falling out
of the index. The NZGB All Stocks index will extend by 0.009y."
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