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JGBS: Cash Bonds Little Changed, 20Y Supply Due

JGBS
BulletAPACFixed Income BulletsJapanMarkets

In Tokyo morning trade, JGB futures are weaker, -10 compared to settlement levels.

  • Offshore investors purchased local bonds last week, ended a modest run of outflows from the previous two weeks. Since the start of Oct we have had a ¥2.7trln in net inflows into this space. In terms of Japan outbound flows, local investors returned to net sellers of offshore bonds last week. We have seen net selling in this segment in 6 out of the last 8 weeks. Better US data outcomes and the incoming Trump Presidency have dented global bond returns.
  • BoJ Governor Ueda delivers remarks around 2:10pm local time. "Remarks by Governor UEDA at the Paris EUROPLACE Financial Forum 2024 in Tokyo" per the BoJ website.
  • Cash US tsys are ~1bp richer in today’s Asia-Pac session after yesterday’s modest sell-off.
  • Cash JGBs are little changed across benchmarks. The benchmark 20-year yield is 0.8bp higher at 1.902% ahead of today’s supply.
  • The swaps curve has bear-steepened, with rates 1bp lower to 4bps higher. Swap spreads are mixed.
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In Tokyo morning trade, JGB futures are weaker, -10 compared to settlement levels.

  • Offshore investors purchased local bonds last week, ended a modest run of outflows from the previous two weeks. Since the start of Oct we have had a ¥2.7trln in net inflows into this space. In terms of Japan outbound flows, local investors returned to net sellers of offshore bonds last week. We have seen net selling in this segment in 6 out of the last 8 weeks. Better US data outcomes and the incoming Trump Presidency have dented global bond returns.
  • BoJ Governor Ueda delivers remarks around 2:10pm local time. "Remarks by Governor UEDA at the Paris EUROPLACE Financial Forum 2024 in Tokyo" per the BoJ website.
  • Cash US tsys are ~1bp richer in today’s Asia-Pac session after yesterday’s modest sell-off.
  • Cash JGBs are little changed across benchmarks. The benchmark 20-year yield is 0.8bp higher at 1.902% ahead of today’s supply.
  • The swaps curve has bear-steepened, with rates 1bp lower to 4bps higher. Swap spreads are mixed.