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Futures Give Up Overnight Strength, New 10Y Yield High, 5Y Supply Due

JGBS

In Tokyo morning trade, overnight strength in JGB futures (JBZ3) has been reversed, -13 compared to settlement levels. At 145.42, JBZ3 is dealing at a new contract low.

  • Today the local calendar is empty, with the market’s attention on the upcoming sale of Y2.5tn 5-year JGBs.
  • Cash JGBs are cheaper across the curve, extending yesterday’s weakness. Yields are 0.4bp to 2.3bp higher, with the 1-2-year zone underperforming.
  • The 5-year JGB is performing on the curve, 0.5bp higher at 0.291%, ahead of today’s supply. The yield on the 5-year benchmark JGB climbed to the highest level since January on Monday while the 10-year equivalent rose above 0.7% for the first time in more than nine years. The benchmark 10-year yield is 0.6bp higher today at 0.717%%, a new post-YCC tweak high.
  • Swap rates are higher across the curve, with the belly underperforming. Swap spreads are wider beyond the 2-year.
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