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Finding Stability After Post-BoJ Rout

BONDS

Global core bonds are steadying after the post-BoJ rout, with Tsys slightly stronger and periphery and semi-core debt outperforming in Europe in a generally risk-on atmosphere.

  • 10Y JGB cash yields closed a couple of basis points from the top of the BoJ's new target band.
  • Global core FI largely recovered after some further weakness overnight.
  • US and German curves have twist steepened, with the UK's bear flattening. Gilts are underperforming following data showing UK public borrowing hit a record in November.
  • Data ahead is mostly US housing related, continuing this week's theme: MBA mortgage applications and Existing Home Sales. We also get Conference Board confidence. There are no central bank speakers of note.
  • We await 2023 funding plans from key Eurozone countries, including Italy. $12B US 20Y Bond Reopen features on the issuance calendar.

Latest levels:

  • Mar 10-Yr US TSY futures (TY) up 1.5/32 at 113-18.5 (L: 113-09.5 / H: 113-21)
  • Mar Bund futures (RX) down 2 ticks at 135.89 (L: 135.6 / H: 136.17)
  • Mar Gilt futures (G) up 5 ticks at 101.18 (L: 101.08 / H: 101.53)
  • Italy / German 10-Yr spread 6.4bps tighter at 210.8bps
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