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JGBS: Richer But Another Subdued Session, Local Market Closed On Monday

JGBS
GlobalBulletAPACFixed Income BulletsJapanRegionMarkets

JGB futures are stronger after a choppy Tokyo session, +16 compared to settlement levels.

  • Outside of the previously outlined M2 & M3 stock data, there hasn't been much by way of domestic drivers to flag.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s bull-steepener. Focus now turns to today’s PPI and University of Michigan inflation expectations, as well as the start of the latest earning cycle with several banks reporting before the open: Wells Fargo, JP Morgan, Bank of NY Mellon and Blackrock.
  • Cash JGBs are 1-2bps richer across benchmarks beyond the 1-year (+2.0bps).
  • BoJ Rinban Operations covering 1-3-year and 5-25-year JGBs showed lower offer cover ratios and negative spreads for the longer-dated buckets.
  • Swap rates are 1-2bps lower out to the 30-year and 3bps higher beyond. Swap spreads are tighter out to the 30-year.
  • The local market is closed on Monday in observance of the Health-Sports Day.
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JGB futures are stronger after a choppy Tokyo session, +16 compared to settlement levels.

  • Outside of the previously outlined M2 & M3 stock data, there hasn't been much by way of domestic drivers to flag.
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s bull-steepener. Focus now turns to today’s PPI and University of Michigan inflation expectations, as well as the start of the latest earning cycle with several banks reporting before the open: Wells Fargo, JP Morgan, Bank of NY Mellon and Blackrock.
  • Cash JGBs are 1-2bps richer across benchmarks beyond the 1-year (+2.0bps).
  • BoJ Rinban Operations covering 1-3-year and 5-25-year JGBs showed lower offer cover ratios and negative spreads for the longer-dated buckets.
  • Swap rates are 1-2bps lower out to the 30-year and 3bps higher beyond. Swap spreads are tighter out to the 30-year.
  • The local market is closed on Monday in observance of the Health-Sports Day.