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Futures At Session Cheaps At Lunch, Pressured By No Change in China’s 5Y LPR

JGBS

At the Tokyo lunch break, JGB futures have extended overnight weakness seen ahead of the weekend, -15 compared to settlement levels.

  • A thin local docket on Monday leaves participants on headlines and US tsys watch.
  • US tsys have been pressured after China held the 5-Year LPR steady at 4.20%, a cut of 15bps had been expected. The 1-Year LPR was cut 10 bps when a cut of 15bps was expected. Regional equities are lower, and the USD is marginally firmer. Cash tsys sit 1-3bps cheaper across the major benchmarks, with the curve bear steepening. TYU3 deals at 109-15, -0-065 a touch off the base of the 0-08+ range.
  • Cash JGBs are cheaper, with yields are 0.1-1.1bp higher. The benchmark 10-year yield is 0.8bp higher at 0.643%, above BoJ's YCC old limit of 0.50% but below its new hard limit of 1.0%.
  • The swaps curve has bear steepened, with rates 0.2-2.0bp higher. Swap spreads are wider.
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