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JGBS: Cheaper Ahead Of US CPI Data

JGBS
GlobalBulletAPACFixed Income BulletsJapanRegionMarkets

JGB futures are holding weaker, -10 compared to settlement levels, after dealing in a relatively narrow range in today’s Tokyo session.

  • Outside of the previously outlined PPI and International Investment Flows data, there hasn't been much by way of domestic drivers to flag.
  • Today's 5-year bond auction presented mixed demand metrics. The auction price exceeded dealer expectations but the cover ratio was relatively stable and the auction tail was marginally longer than last month.
  • Cash US tsys are flat to 2bps richer across benchmarks, with a steepening bias, in today’s Asia-Pac session after yesterday’s heavy session. The market’s focus is on today’s US CPI data. Weekly Jobless claims, a few more Fed speakers (Cook, Barkin, and Williams), and the re-opening of the 30Y Bond auction are also on tap.
  • Cash JGBs are mostly cheaper across benchmarks, with yields flat (2-3-year) to 3bps higher (1-year). The benchmark 5-year yield is 0.4bp higher at 0.553% after today’s supply.
  • Swap rates are flat to 1bp higher out to the 30-year and 5bps higher beyond. Swap spreads are generally tighter apart from the 40-year.
  • Tomorrow, the local calendar will see M2 & M3 Money Stock data alongside BoJ Rinban Operations covering 1-3-year and 5-25-year JGBs.
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JGB futures are holding weaker, -10 compared to settlement levels, after dealing in a relatively narrow range in today’s Tokyo session.

  • Outside of the previously outlined PPI and International Investment Flows data, there hasn't been much by way of domestic drivers to flag.
  • Today's 5-year bond auction presented mixed demand metrics. The auction price exceeded dealer expectations but the cover ratio was relatively stable and the auction tail was marginally longer than last month.
  • Cash US tsys are flat to 2bps richer across benchmarks, with a steepening bias, in today’s Asia-Pac session after yesterday’s heavy session. The market’s focus is on today’s US CPI data. Weekly Jobless claims, a few more Fed speakers (Cook, Barkin, and Williams), and the re-opening of the 30Y Bond auction are also on tap.
  • Cash JGBs are mostly cheaper across benchmarks, with yields flat (2-3-year) to 3bps higher (1-year). The benchmark 5-year yield is 0.4bp higher at 0.553% after today’s supply.
  • Swap rates are flat to 1bp higher out to the 30-year and 5bps higher beyond. Swap spreads are generally tighter apart from the 40-year.
  • Tomorrow, the local calendar will see M2 & M3 Money Stock data alongside BoJ Rinban Operations covering 1-3-year and 5-25-year JGBs.