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JGBS: Cheaper, Local Calendar Is Light Again Tomorrow, Tokyo CPI On Friday

JGBS
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JGB futures are weaker but off session cheaps, -31 compared to settlement levels.

  • The MoF sold ¥350bn of 10-year climate transition notes at a slightly lower-than-expected cut-off yield, signaling decent investor demand. The cut-off yield was 0.943%, compared with 0.945% estimated by traders in a Bloomberg survey.
  • Cash US tsys have extended yesterday’s sharp back-up in yields. US yields are currently flat to 2bps higher, with a steepening bias, after being 1-2bps lower early in the session. The focus is now on home sales, flash PMIs and weekly claims, durables and UofM sentiment later this week.
  • Cash JGBs are 2-4bps cheaper across benchmarks. The benchmark 10-year yield is 1.7bps higher at 0.981% versus the cycle high of 1.108%.
  • Swap rates are flat to 1bp higher, with swap spreads tighter.
  • Tomorrow, the local calendar is empty, ahead of Jibun Bank PMIs, Weekly International Investor Flow and Machine Tool Orders data on Thursday. Thursday will also see 20-year supply.
  • Tokyo CPI prints on Friday, while this weekend is the legislative elections, where new PM Ishiba's ruling party is struggling in the polls.
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JGB futures are weaker but off session cheaps, -31 compared to settlement levels.

  • The MoF sold ¥350bn of 10-year climate transition notes at a slightly lower-than-expected cut-off yield, signaling decent investor demand. The cut-off yield was 0.943%, compared with 0.945% estimated by traders in a Bloomberg survey.
  • Cash US tsys have extended yesterday’s sharp back-up in yields. US yields are currently flat to 2bps higher, with a steepening bias, after being 1-2bps lower early in the session. The focus is now on home sales, flash PMIs and weekly claims, durables and UofM sentiment later this week.
  • Cash JGBs are 2-4bps cheaper across benchmarks. The benchmark 10-year yield is 1.7bps higher at 0.981% versus the cycle high of 1.108%.
  • Swap rates are flat to 1bp higher, with swap spreads tighter.
  • Tomorrow, the local calendar is empty, ahead of Jibun Bank PMIs, Weekly International Investor Flow and Machine Tool Orders data on Thursday. Thursday will also see 20-year supply.
  • Tokyo CPI prints on Friday, while this weekend is the legislative elections, where new PM Ishiba's ruling party is struggling in the polls.