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JGBS: Futures Close To Unchanged, 20yr Supply Well Absorbed

JGBS
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JGB futures are little changed post the lunch time break. We are mostly maintaining modest gains from the first part of the session. The March 2025 future was last 142.31, close to unchanged versus settlement levels. 

  • The 20yr debt auction has come and gone with little meaningful market reaction. The bid to cover ratio was slightly lower compared to the Nov auction, but the tail also fell to 0.05 from 0.13 seen in the Nov auction.
  • US Tsy futures are a touch higher, but aggregate moves are very muted.
  • In the cash JGB space, yields are close to unchanged. The 10yr last near 1.075%. For swaps, the 10yr is back under 1.04%, but likewise, aggregate moves have been modest in this space.
  • Tomorrow, we have Nov trade balance figures, before Thursday's BoJ meeting outcome. 
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JGB futures are little changed post the lunch time break. We are mostly maintaining modest gains from the first part of the session. The March 2025 future was last 142.31, close to unchanged versus settlement levels. 

  • The 20yr debt auction has come and gone with little meaningful market reaction. The bid to cover ratio was slightly lower compared to the Nov auction, but the tail also fell to 0.05 from 0.13 seen in the Nov auction.
  • US Tsy futures are a touch higher, but aggregate moves are very muted.
  • In the cash JGB space, yields are close to unchanged. The 10yr last near 1.075%. For swaps, the 10yr is back under 1.04%, but likewise, aggregate moves have been modest in this space.
  • Tomorrow, we have Nov trade balance figures, before Thursday's BoJ meeting outcome.