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JGBS: Cheaper, BoJ Noguchi Speech & 10Y Supply Due

JGBS
GlobalBulletAPACFixed Income BulletsJapanRegionMarkets

In Tokyo morning trade, JGB futures are weaker, -12 compared to settlement levels.

  • Jibun Bank PMIs have printed: Composite Index falls to 52 from 52.9 in Aug.; Services Index falls to 53.1 from 53.7 in Aug.
  • BoJ Board Noguchi will also give a speech in Nagasaki at 1030 JT.
  • Cash US tsys are ~1bp cheaper in today’s Asia-Pac session after yesterday’s ADP-induced bear flattener. Today’s US calendar will see Weekly Claims, Factory/Durable Goods Orders and ISM Services, followed by Friday's headline Non-Farm Payrolls for September.
  • Cash JGBs are flat to 2bps cheaper across benchmarks. The benchmark 10-year yield is 0.6bp higher at 0.832% ahead of today’s supply.
  • “Wednesday’s BoJ buying operation shows that investors are keen to sell JGBs back to the central bank. The large amounts offered for sale in short-term duration bonds this week doesn’t bode well for the next round of BoJ purchases in long duration JGBs.” (per BBG)
  • The swaps curve has twist-steepened, pivoting at the 7-year, with rates 1bp lower to 5bps higher (20-year). Swap spreads are tighter, apart from the 20-year.
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In Tokyo morning trade, JGB futures are weaker, -12 compared to settlement levels.

  • Jibun Bank PMIs have printed: Composite Index falls to 52 from 52.9 in Aug.; Services Index falls to 53.1 from 53.7 in Aug.
  • BoJ Board Noguchi will also give a speech in Nagasaki at 1030 JT.
  • Cash US tsys are ~1bp cheaper in today’s Asia-Pac session after yesterday’s ADP-induced bear flattener. Today’s US calendar will see Weekly Claims, Factory/Durable Goods Orders and ISM Services, followed by Friday's headline Non-Farm Payrolls for September.
  • Cash JGBs are flat to 2bps cheaper across benchmarks. The benchmark 10-year yield is 0.6bp higher at 0.832% ahead of today’s supply.
  • “Wednesday’s BoJ buying operation shows that investors are keen to sell JGBs back to the central bank. The large amounts offered for sale in short-term duration bonds this week doesn’t bode well for the next round of BoJ purchases in long duration JGBs.” (per BBG)
  • The swaps curve has twist-steepened, pivoting at the 7-year, with rates 1bp lower to 5bps higher (20-year). Swap spreads are tighter, apart from the 20-year.