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JGBS: Little Changed After A Solid 10Y Auction Supports Market

JGBS
BulletAPACFixed Income BulletsJapanMarkets

JGB futures are in slight positive territory, +2 compared to the settlement levels.

  • Outside of the previously outlined Monetary Base date, there hasn't been much by way of domestic drivers to flag.
  • Cash bonds are 1-2bps richer in today’s Asia-Pac session after yesterday’s modest bear-steepener. Tuesday’s US data calendar includes JOLTS, ISM Services and Tsy 10Y Re-Open.
  • Cash JGBs are flat to 1bp cheaper across benchmarks beyond the 1-year but richer than pre-10-year auction levels. The benchmark 10-year yield is 0.2bps lower at 1.134% after dealing as high as 1.143% earlier.
  • The 10-year JGB auction delivered solid results, with the low price beating expectations, the cover ratio nudging higher and the tail shortening. Weaker sentiment toward global long-end bonds and expectations of further near-term tightening by the BoJ didn’t appear to weigh significantly on demand.
  • The swaps curve has twist-steepened, pivoting at the 10-year, with rates 1bp lower to 3bps higher.
  • Tomorrow, the local calendar will see the Consumer Confidence Index alongside BoJ Rinban Operations covering 1-25-year JGBs. 
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JGB futures are in slight positive territory, +2 compared to the settlement levels.

  • Outside of the previously outlined Monetary Base date, there hasn't been much by way of domestic drivers to flag.
  • Cash bonds are 1-2bps richer in today’s Asia-Pac session after yesterday’s modest bear-steepener. Tuesday’s US data calendar includes JOLTS, ISM Services and Tsy 10Y Re-Open.
  • Cash JGBs are flat to 1bp cheaper across benchmarks beyond the 1-year but richer than pre-10-year auction levels. The benchmark 10-year yield is 0.2bps lower at 1.134% after dealing as high as 1.143% earlier.
  • The 10-year JGB auction delivered solid results, with the low price beating expectations, the cover ratio nudging higher and the tail shortening. Weaker sentiment toward global long-end bonds and expectations of further near-term tightening by the BoJ didn’t appear to weigh significantly on demand.
  • The swaps curve has twist-steepened, pivoting at the 10-year, with rates 1bp lower to 3bps higher.
  • Tomorrow, the local calendar will see the Consumer Confidence Index alongside BoJ Rinban Operations covering 1-25-year JGBs.