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Richer With 7Y Leading, 30Y Supply Due

JGBS
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In Tokyo morning trade, JGB futures are holding overnight gains, +13 compared to settlement levels.

  • Japan weekly investment flows showed offshore investors purchased local bonds, but the trend for this segment remains mixed in recent weeks and negative since mid-March. Japan yields have moved off recent highs in the first part of June.
  • In terms of domestic outflows, Japan investors purchased offshore bonds last week. The ¥1323bn in outflows more than offset last week's net sales, although the cumulative flow backdrop is negative for the past few months.
  • Tokyo Avg Office Vacancies data is due later alongside a speech from BoJ Board member Nakamura in Sapporo (1030 JT). The MoF also plans to sell Y900mn of 30-year JGBs.
  • Cash US tsys are ~1bp cheaper in today’s Asia-Pac session after the recent rally extended to day five yesterday following weaker than expected ADP Private Employment data.
  • Cash JGBs are richer across benchmarks, with the futures-linked 7-year leading (2.5bps richer). The benchmark 10-year yield is 1.8bps lower at 0.999% versus the cycle high of 1.101% set late last week.
  • The 30-year is 1.3bps lower at 2.178% ahead of today’s supply.
  • The swaps curve has twist-steepened, pivoting at the 10s, with rates 1bp lower to 3bps higher. Swap spreads are mostly wider.
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In Tokyo morning trade, JGB futures are holding overnight gains, +13 compared to settlement levels.

  • Japan weekly investment flows showed offshore investors purchased local bonds, but the trend for this segment remains mixed in recent weeks and negative since mid-March. Japan yields have moved off recent highs in the first part of June.
  • In terms of domestic outflows, Japan investors purchased offshore bonds last week. The ¥1323bn in outflows more than offset last week's net sales, although the cumulative flow backdrop is negative for the past few months.
  • Tokyo Avg Office Vacancies data is due later alongside a speech from BoJ Board member Nakamura in Sapporo (1030 JT). The MoF also plans to sell Y900mn of 30-year JGBs.
  • Cash US tsys are ~1bp cheaper in today’s Asia-Pac session after the recent rally extended to day five yesterday following weaker than expected ADP Private Employment data.
  • Cash JGBs are richer across benchmarks, with the futures-linked 7-year leading (2.5bps richer). The benchmark 10-year yield is 1.8bps lower at 0.999% versus the cycle high of 1.101% set late last week.
  • The 30-year is 1.3bps lower at 2.178% ahead of today’s supply.
  • The swaps curve has twist-steepened, pivoting at the 10s, with rates 1bp lower to 3bps higher. Swap spreads are mostly wider.