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Futures Slightly Weaker At Lunch, 20-Year Supply Results Due

JGBS

At the Tokyo lunch break, JGB futures are trading on a low note, -7 compared to the settlement levels, after closing virtually unchanged in overnight trade. Without domestic drivers, local participants appear content to trade off movements in US tsys.

  • US tsy futures are slightly cheaper in Asia-Pac trade, having given up early strength.
  • The local calendar sees the release of Coincident & Leading Indicators for April (final) later today.
  • Cash JGBs remain mixed across the curve at the lunch break with yield movements within a +/- 0.5bp 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 sits 0.2bp lower at 0.954%, showing no concession on the curve, ahead of the results of today's supply.
  • The Japan breakeven inflation rate for the 10-year CPI-linked bonds rose 2bp to 1.10% on Tuesday from the previous business day, according to Bloomberg. The measure is headed for the sixth daily rise.
  • The swap curve bear steepens with rates 0.3-0.9bp higher. Swap spreads are wider.
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