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Futures Cheaper At Lunch, 20Y Underperforming Ahead Of Supply Tomorrow

JGBS

At the Tokyo lunch break, JGB futures are holding in negative territory and just above the session’s low, -18 compared to the settlement levels.

  • There hasn’t been much in the way of domestic drivers to flag.
  • Local market dealings today therefore appear to have been guided by US tsys NY close yesterday and today’s Asia-Pac dealings. Cash US tsys are dealing 1-2bps cheaper in today’s Asia-Pac session after yesterday’s bear-steepening. Benchmark yields finished 8-12bps higher on Tuesday after Fed Waller pushed back against aggressive rate cut expectations.
  • Cash JGBs are cheaper across benchmarks, with the 20-year zone underperforming (+4.7bps) ahead of tomorrow’s supply. The benchmark 10-year yield is 4.2bps higher at 0.612% versus Nov-Dec rally low of 0.555%.
  • Swaps curve has bear-steepened, with rates 1-3bps higher. Swap spreads are mixed.
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