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Futures Into Negative Territory, Curve Bull Flattens

JGBS

JGB futures sit 3 ticks below yesterday’s settlement levels in early Tokyo trade, ticking further away from overnight highs as participants react to the overnight movements in core global FI markets (which saw an initial risk-off bid followed by U.S. Tsys more than reversing the early firming). Cash JGBs run little changed to 3bp richer, bull flattening as 20+-Year paper continues to benefit from yesterday’s strong 40-Year JGB auction.

  • Wider macro headline flow has been limited thus far, with nothing in the way of meaningful domestic headline flow noted.
  • Elsewhere, we remind that Tuesday saw South Africa reveal that it is weighing its first round of Samurai bond issuance in decades.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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