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JGBS: Futures Stronger & At Session Highs, 10Y GX Supply Tomorrow

JGBS
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JGB futures are stronger and at session highs, +18 compared to the settlement levels.

  • Support for Japanese Prime Minister Shigeru Ishiba’s ruling coalition is continuing to soften in the runup to this coming weekend’s election, two polls showed, indicating the possibility that the vote may result in a weakened and unstable administration.
  • “If Japan’s ruling coalition unexpectedly loses its majority at the Oct. 27 lower house elections and Prime Minister Ishiba faces pressure to step down early, there’s a high possibility that political uncertainties will cause drops in Japanese stocks, the yen and JGB yields in the short term, writes Ataru Okumura, senior interest rate strategist at SMBC Nikko Securities.” (per BBG)
  • Cash US tsys are little changed in today’s Asia-Pac session after Friday’s modest bull-steepener.
  • Beyond the 1-year (+4.4bps), cash JGBs are flat to 1bp richer out to the 20-year, but ~2bps cheaper for longer-dated maturities. The benchmark 10-year yield is 1.4bps lower at 0.963% versus the cycle high of 1.108%.
  • Swap rates are 0.5bp lower to 1bp higher, with a slight steepening bias. Swap spreads are wider out the 20-year and tighter beyond.
  • Tomorrow, the local calendar is empty from 10-year GX supply.
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JGB futures are stronger and at session highs, +18 compared to the settlement levels.

  • Support for Japanese Prime Minister Shigeru Ishiba’s ruling coalition is continuing to soften in the runup to this coming weekend’s election, two polls showed, indicating the possibility that the vote may result in a weakened and unstable administration.
  • “If Japan’s ruling coalition unexpectedly loses its majority at the Oct. 27 lower house elections and Prime Minister Ishiba faces pressure to step down early, there’s a high possibility that political uncertainties will cause drops in Japanese stocks, the yen and JGB yields in the short term, writes Ataru Okumura, senior interest rate strategist at SMBC Nikko Securities.” (per BBG)
  • Cash US tsys are little changed in today’s Asia-Pac session after Friday’s modest bull-steepener.
  • Beyond the 1-year (+4.4bps), cash JGBs are flat to 1bp richer out to the 20-year, but ~2bps cheaper for longer-dated maturities. The benchmark 10-year yield is 1.4bps lower at 0.963% versus the cycle high of 1.108%.
  • Swap rates are 0.5bp lower to 1bp higher, with a slight steepening bias. Swap spreads are wider out the 20-year and tighter beyond.
  • Tomorrow, the local calendar is empty from 10-year GX supply.