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Futures Stronger At Tokyo Lunch Break, LEP Auction for OTR 15-5-39.9-Year JGBs Due

JGBS

At the Tokyo lunch break, JGB futures are stronger, +28 compared to settlement levels, having consolidated the overnight strengthening sparked by weaker-than-expected EU & US PMIs.

  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined weekly investment flows data that showed offshore purchases of Japanese bonds surged last week, while local investors continued to sell offshore bonds.
  • Accordingly, local participants are likely on headlines and US tsys watch.
  • US tsys sit little changed across the major benchmarks in Asia-Pac dealings.
  • The cash JGB curve has bull flattened, with yields flat to 2.1bp lower. The benchmark 10-year yield is 0.9bp lower at 0.665% versus the post-BoJ YCC tweak high of 0.68% set yesterday.
  • The swaps curve has bull flattened, with swap spreads narrower, apart from the 20-year.
  • Today the MoF plans to conduct Liquidity Enhancement Auctions for OTR 15-5-39.9-year JGBs.
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