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Looking For Fresh Catalysts As Dust Settles After Vaccine News

BOND SUMMARY

T-Notes trade +0-02 at 138-03 at typing, off the earlier session high of 138-04. Broader headline flow has been relatively sparse, leaving the main focus on familiar developments. Cash Tsy yields sit a touch lower across a marginally flatter curve. Eurodollar futures trade -0.5 to +0.5 tick through the reds.

  • JGB yields have edged higher and last sits at 152.10, little changed vs. last settlement & sticking to the overnight range. Cash JGB yields trade slightly lower across the curve, with 2s outperforming. The BoJ left the sizes of its 1-10 Year JGB purchases unchanged.
  • ACGB space looked through the minutes from the latest RBA decision, which offered little fresh insight. There is more central bank speak coming up today, with RBA No. 2 Debelle due to participate in a panel discussion. YM -1.0 & XM -4.5 at typing, after holding tight ranges. Cash ACGB curve has bear steepened on the back of overnight impetus. Bills run unch. to -2 ticks through the reds. On the supply front, today will see the pricing of the syndicated tap of ACGB 2.65% 21 May 2041.

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