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JGBS: Cash Bonds Bear Steepen, US Tsys & Bunds Weigh

JGBS
BulletAPACFixed Income BulletsJapanMarkets

In Tokyo morning trade, JGB futures are sharply weaker, -67 compared to settlement levels, after extending overnight losses.

  • Overnight, German bunds suffered their worst day since 1990, surging as much as 30bps, due to a dramatic change in the country’s spending plans for defence and infrastructure investments.
  • Cash US tsys are 2-3bps cheaper in today’s Asia-Pac session after yesterday’s heavy session. After today's weekly claims trade balance and regional Fed data, focus turns to Friday's headline employment data for February.
  • “Japan's largest union federation, Rengo, will announce the average pay demand among its members, aiming for gains of at least 5% and 6% or more for smaller companies.” (per BBG)
  • Cash JGBs are 1-10bps cheaper across benchmarks, with a steeper curve ahead of today’s 30-year supply. The benchmark 30-year yield is 8.8bps higher at 2.503%.
  • The 10-year benchmark yield is 5.9bps higher at 1.509%, the highest since 2009.
  • Swap rates are 1-3bps higher, with a steeper curve. Swap spreads are wider.
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In Tokyo morning trade, JGB futures are sharply weaker, -67 compared to settlement levels, after extending overnight losses.

  • Overnight, German bunds suffered their worst day since 1990, surging as much as 30bps, due to a dramatic change in the country’s spending plans for defence and infrastructure investments.
  • Cash US tsys are 2-3bps cheaper in today’s Asia-Pac session after yesterday’s heavy session. After today's weekly claims trade balance and regional Fed data, focus turns to Friday's headline employment data for February.
  • “Japan's largest union federation, Rengo, will announce the average pay demand among its members, aiming for gains of at least 5% and 6% or more for smaller companies.” (per BBG)
  • Cash JGBs are 1-10bps cheaper across benchmarks, with a steeper curve ahead of today’s 30-year supply. The benchmark 30-year yield is 8.8bps higher at 2.503%.
  • The 10-year benchmark yield is 5.9bps higher at 1.509%, the highest since 2009.
  • Swap rates are 1-3bps higher, with a steeper curve. Swap spreads are wider.