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Futures Supported By CTA-Like Demand, 5s Outperform

JGBS

JGB futures surged higher at the Tokyo re-open, with some pointing to CTA accounts as drivers of the move. The move has pared a little, as the contract last prints 11 ticks above yesterday's settlement levels, 13 ticks shy of session highs. 5s provide the firmest point of the curve, trading ~2.0bp richer on the day.

  • Japan's COVID policy chief (and Economy Minister) Nishimura outlined an extension of COVID related limits/states of emergency (most notably in Tokyo & Okinawa), which gave a fundamental reason to buy JGBs on the day, although the headlines weren't a surprise given the recent speculation/rhetoric re: the matter.
  • The latest round of 5-Year JGB supply wasn't the firmest, with a lack of outright and relative value appeal likely crimping demand a little. The low price was lower than broader expectations (which stood at 100.60 per the BBG dealer poll), while the cover ratio softened and tail width held steady.
  • There is nothing in the way of notable local events scheduled for Friday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage

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