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Futures Sitting Mid-Range At Lunch, 40Y Supply Tomorrow

JGBS

At the Tokyo lunch break, JGB futures are sitting mid-range, +8 compared to settlement levels.

  • Today the local calendar is light, with Department Sales as the only data later. However, BOJ’s Governor Ueda will give a speech in Osaka at about 2:30 pm local time, and Uchida will speak around an hour later.
  • Accordingly, local participants have likely eyed US tsys in the Asia-Pac session after the relief rally seen on Friday. Cash US tsys are dealing flat to 3bps cheaper across major benchmarks so far.
  • Cash JGBs are mixed, with yields 0.2bp lower (10-year) to 1.3bp higher (40-year). The benchmark 10-year yield is at 0.744% versus the cycle high of 0.756% set ahead of the BOJ policy decision on Friday. 40-year supply is due tomorrow.
  • The swaps curve has twist-steepened, pivoting at the 4s, with rates 0.2bp lower to 1.0bp higher. Swap spreads wider, apart from the 5-20-year zone.
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