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JGBS: Cash Bond Bear-Flattener, Labour Market Data & Tankan Report Tomorrow

JGBS
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JGB futures are sharply cheaper and near session lows, -68 compared to settlement levels.

  • Outside of the previously outlined IP and Retail Sales data, the market has had news of a general election on October 27th to digest. The new LDP leader Shigeru Ishiba will dissolve the lower house on October 9th (per BBG/NHK).
  • Cash US tsys are little changed in today’s Asia-Pac session after Friday’s post-PCE deflator gains. The US calendar this week will see MNI Chicago PMI today, ISMs tomorrow, ADP private employment data on Wednesday, and the September jobs report on Friday.
  • Cash JGBs are flat to 4bps cheaper across benchmarks, with a flattening bias. The benchmark 2-year yield is 2.4bps higher at 0.391% after today’s supply.
  • The 2-year bond auction demonstrated mixed demand metrics, with the low price meeting dealer expectations, but the cover ratio decreasing to 3.8149x from 5.542x in August. The auction tail was also longer than last month.
  • Swap rates are little changed out to the 30-year and 4bps higher beyond. Swap spreads are mixed.
  • Tomorrow, the local calendar will see the Jobless Rate, Job-To-Applicant Ratio, and Jibun Bank PMI Mfg data alongside the Q3 Tankan Report. 
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JGB futures are sharply cheaper and near session lows, -68 compared to settlement levels.

  • Outside of the previously outlined IP and Retail Sales data, the market has had news of a general election on October 27th to digest. The new LDP leader Shigeru Ishiba will dissolve the lower house on October 9th (per BBG/NHK).
  • Cash US tsys are little changed in today’s Asia-Pac session after Friday’s post-PCE deflator gains. The US calendar this week will see MNI Chicago PMI today, ISMs tomorrow, ADP private employment data on Wednesday, and the September jobs report on Friday.
  • Cash JGBs are flat to 4bps cheaper across benchmarks, with a flattening bias. The benchmark 2-year yield is 2.4bps higher at 0.391% after today’s supply.
  • The 2-year bond auction demonstrated mixed demand metrics, with the low price meeting dealer expectations, but the cover ratio decreasing to 3.8149x from 5.542x in August. The auction tail was also longer than last month.
  • Swap rates are little changed out to the 30-year and 4bps higher beyond. Swap spreads are mixed.
  • Tomorrow, the local calendar will see the Jobless Rate, Job-To-Applicant Ratio, and Jibun Bank PMI Mfg data alongside the Q3 Tankan Report.