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Futures Up From Earlier Lows, Cash JGB Curve Steeper

JGBS

JGB futures are maintaining a downside bias in the first part of trade, albeit up from earlier lows. JBM4 is back to 143.59, -.39 versus settlement levels. Session lows came in at 143.51 in the first part of dealing.

  • Some negative spill over is likely from weaker EU bond futures, with broader EU assets under pressure in the aftermath of Sunday's parliamentary elections which showed a swing to the right.
  • US TSY futures also hold lower as well, although haven't see fresh downside beyond the initial move lower.
  • In the cash JGB space, yields are higher across the benchmarks, with the curve steeper. The 10yr yield is up 4.5bps to 1.02%, while the 20-40yr tenors are around 6-7bps higher in yield terms.
  • The 10yr swap wrap was last around 1.05%, still sub late May highs near 1.13%.
  • We had Q1 GDP revisions figures earlier, but there wasn't much change to the original outcome. Headline Q1 growth remained negative at -0.5% q/q.
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