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Futures Stronger & At Session Highs At Lunch

JGBS

At the Tokyo lunch break, JGB futures are stronger and at session highs, +9 compared to the settlement levels.

  • There hasn’t been much in the way of domestic drivers to flag. The local calendar sees Industrial Production and Capacity Utilisation data later today.
  • (Bloomberg) -- Japan sold $1.11 trillion worth of bonds this year as of April 11, according to Bloomberg calculations using official data. Issuance was down 19% compared to the same period last year. (See link)
  • Cash US tsys are dealing 2-3bps richer in today's Asia-Pac session after finishing Thursday with a slight twist-steepening.
  • The cash JGB curve has twist-flattened, with yields 0.5bp higher to 2.5bps lower. The benchmark 10-year yield is 2.4bps lower at 0.847% versus the YTD high of 0.871% set yesterday.
  • Swaps are richer, with rates 1-3bps lower across maturities. Swap spreads are tighter out to the 10-year and wider beyond.
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