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Futures Move Lower Post-Supply Then Pare Losses, Curve Steepening Extends


JGB futures pulled lower in the wake of the aforementioned round of poorly received 20-Year JGB supply, printing fresh session lows before recovering. The contract didn’t get anywhere near challenging the base of the weekly range, with the proximity of 10s to the upper limit of the BoJ’s permitted yield trading band likely limiting follow through there. The contract last deals -12, 22 ticks off worst levels of the day. Cash JGBs now run flat to 6bp cheaper across the curve, with the early curve steepening extending in the wake of the auction.

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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