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Futures Holding Weaker At Lunch, 10Y Supply Due

JGBS

At the Tokyo lunch break, JGB futures are holding cheaper, -8 compared to settlement levels, after Tokyo CPI printed broadly in line with expectations.

  • Jibun Bank released Composite (50.6 from 50.3 in Jan) and Services (52.9 from 52.5 in Jan) PMIs for February.
  • The cash JGB curve has bear-steepened, with yields flat to 2bps higher. The benchmark 10-year yield is 0.1bp higher at 0.720% ahead of today’s supply.
  • The 10-year auction held last month showed solid demand metrics. The low price matched wider expectations, the tail shortened, and the cover ratio improved to 3.648x from 2.904x at January’s auction.
  • It's also notable that the relative affordability of 10-year JGBs compared to futures, as indicated by the spread between the 7- and 10-year JGBs, is currently around its highest point since 2015.
  • Swaps are dealing slightly mixed.
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