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Futures Slightly Lower Ahead Of 20-Year Supply, Local Calendar Light

JGBS

JGB futures are slightly cheaper in early Tokyo trade, -3 compared to settlement levels, after closing virtually unchanged in overnight trade.

  • Cash tsys have opened dealing 1-2bps richer across the major benchmarks, light bull steepening is apparent. Asia-Pac participants have faded yesterday's issuance-induced retreat from session highs seen early in the NY session, perhaps using the opportunity to enter fresh long positions/close shorts.
  • The local calendar is light today with the release of Coincident & Leading Indicators for April (final) as the highlight.
  • The data calendar is also light in Asia.
  • Cash JGBs are mixed across the curve yield movements within a -0.6bp to +0.8bp range. The benchmark 10-year yield is 0.5bp higher at 0.366%, below the BoJ's YCC limit of 0.50%.
  • The 20-year zone is trading 0.1bp lower at 0.954%, showing no concession on the curve, ahead of today's supply.
  • The swap curve bear steepens with rates 0.1-1.5bp higher. Swap spreads are wider beyond 1-year.
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