-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI BRIEF: RBA Holds, Notes Declining Inflation Risk
MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday
Core FI Biased Lower In Asia
The U.S. Tsy space has cheapened a little overnight, TYU1 last deals -0-03 at 131-22, with cash Tsys bear steepening a little, as 30s cheapen by just over 1.0bp. There hasn't been much in the way of regional willingness to push back against Thursday's cheapening during Asia dealing, with the proximity to the elongated Memorial Day weekend and today's U.S. PCE reading perhaps keeping some sidelined, even with estimates pointing to an above average round of month-end extensions for the space.
- JGB futures print -15 vs. yesterday's settlement, with the belly of the curve leading the way lower in cash trade. There has been little in the way of meaningful news flow, with onshore investors playing catch up to overnight movements in the broader core global FI space. Local data was broadly in line with expectations, with nothing in the way of notable movement in the latest round of Tokyo CPI & labour market data. A quick look at the latest round of BoJ Rinban operations, which saw purchase sizes remain unchanged across the buckets in play, with steady to lower offer to cover ratios across the 3- to 5- and 5- to 10-Year buckets. Elsewhere, corporate supply saw SoftBank price Y100bn of paper across 5-, 7- & 10-Year tranches.
- The Aussie bond space continues to hold weaker on the day, with 3-Year EFPs pushing out levels not witnessed since the Mar '20 vol. YM -2.5, XM -7.0. While there has been little in the way of overt headline triggers, it is worth flagging the widening in the ACGB Apr '24/Nov '24 yield spread, which has now unwound 2/3rds of the recent 6-7bp of tightening over just 2 sessions, as markets swing back to pricing a lower chance of the RBA extending its yield targeting mechanism out to cover ACGB Nov '24 in July. There has also been some focus on local mortgage rate dynamics, after local press flagged that NAB cut two of its variable investment home loans by 30bp this morning. The pricing side of the latest round of ACGB Apr '27 supply was firm enough, with the weighted average yield printing 0.94bp through prevailing mids at the time of supply (per Yieldbroker pricing), although the cover ratio wasn't anywhere near as firm, printing just above 2.00x. Participants were perhaps a little wary in the wake of the recent richening and may have one eye on the RBA's July's decision, which may have kept overall bidding subdued (also resulting in a slightly wider high to average yield differential this time out). Finally, the AOFM released its weekly issuance slate, which is a little light on duration.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.