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Futures Weaker At Lunch, Swaps Curve Twist Steepens

JGBS

JGB futures sit mid-range, -12 compared to settlement levels, at the lunch break after paring the overnight downtick.

  • There have not been significant domestic drivers worth noting. As a result, local participants seem to be focusing on US Treasury securities ahead of the Euro Area CPI release for April later today, as well as the FOMC policy decision tomorrow. US tsys are 2bp richer in Asia-Pac trade.
  • Cash JGBs are 0.1bp to 2.5bp cheaper across the benchmarks with the 2-year zone the strongest and the 20-year zone the weakest. The benchmark 10-year yield is 1.2bp higher at 0.419%, well below the BoJ's YCC limit of 0.50%.
  • Swaps curve twist steepens with swap spreads wider except for the 1-year and 20-year zones.
  • The MoF is also scheduled to sell Y6.3tn 3-month bills (Results 0430 BST / 1230 JST) and conduct a Liquidity Enhancement Auction for OTR 1-5 Year JGBs (Results 0435 BST/ 1235 JST).
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