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Tight Trade, Liquidity Enhancement Auction Eyed

JGBS
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Morning trade saw JGB futures oscillate in a relatively contained range after the overnight correction away from their post-BoJ peak (registered late on in Monday’s Tokyo session), hitting the lunch bell -18, while wider cash JGBs run flat to 1.5bp richer, with the long end now leading the bid.

  • Local headline flow was sedate, with participants awaiting the next catalyst in what has been a calmer round of trade than we have witnessed recently.
  • The swap curve has twist flattened, with benchmark rates running 2bp higher to 2bp lower, with a pivot observed around 20s.
  • A reminder that a liquidity enhancement auction covering off-the-run 1- to 5-Year JGBs headlines today’s domestic docket.
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Morning trade saw JGB futures oscillate in a relatively contained range after the overnight correction away from their post-BoJ peak (registered late on in Monday’s Tokyo session), hitting the lunch bell -18, while wider cash JGBs run flat to 1.5bp richer, with the long end now leading the bid.

  • Local headline flow was sedate, with participants awaiting the next catalyst in what has been a calmer round of trade than we have witnessed recently.
  • The swap curve has twist flattened, with benchmark rates running 2bp higher to 2bp lower, with a pivot observed around 20s.
  • A reminder that a liquidity enhancement auction covering off-the-run 1- to 5-Year JGBs headlines today’s domestic docket.