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Futures Little Changed In Overnight Trade, 20-Year Supply Today

JGBS

In post-Tokyo trade, JGB futures are little changed, closing +1 compared to settlement levels, after US tsys finished flat to 2bp richer in NY trade with the belly of the curve leading.

  • Amidst lingering concerns surrounding the turmoil in Russia and growing apprehensions of a potential recession induced by central banks, US tsy yields experienced a slight decline due to safe-haven demand.
  • However, the rally lost momentum during the NY session as market participants engaged in pre-2-year auction hedging and rate-locking ahead of upcoming corporate issuances, resulting in a slight increase in yields.
  • On Monday, ICYMI, the coincident index stood at 97.3 against 100 for the base year of 2015, down from 99.4 in the preliminary report announced earlier this month, according to the Cabinet Office. The leading index came in as 96.8, unchanged from the previous month. In the preliminary report, the index rose 0.7 points to 97.6.
  • The local calendar today is relatively light with the MoF’s planned sale of Y1.2tn of 20-year JGBs as the highlight.
  • The data calendar is also light in Asia today. Further out we have a slew of US data including US new home sales, durable goods and Conference Board consumer confidence. We also have the latest 5-year US tsy supply.
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