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Futures Slightly Richer At Lunch, 30-Year Supply Today

JGBS

At the Tokyo session lunch break, JGB futures are near the overnight closing levels, showing a modest increase of 8 compared to the settlement levels, after trading in a relatively tight range.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined April labour cash earnings and household spending data, which surprised on the downside. Neither of the trends looks favourable, and at the margin would be expected to weigh on expectations for any near-term BoJ policy shift. That said, their impact on market pricing appears to have been minimal.
  • Ahead of today's 30-year supply, local participants are likely monitoring US tsys, which have faded the post-ISM Services richening. Cash tsys are 1-2bp cheaper in Asia-Pac trade.
  • Cash JGBs are flat to slightly richer across the curve beyond the 1-year zone. The benchmark 10-year yield is 0.1bp lower at 0.433%.
  • The 30-year zone is showing no concession, outperforming on the curve with its yield 1.4bp lower at 1.266%, ahead of today’s supply.
  • Swap rates are 0.3-1.4bp lower across the curve with swap spreads tighter.
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