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JGBS

Futures Tight In the Tokyo Morning

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South Korea's Exports Prove Resilient

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  • Local & USD rates remain unchanged this morning, having continued to sell-off sharply in Friday's session following last week's surprise rate cut from the CBRT.
  • Selling pressure remained concentrated in the back end of the curve: 5Y +29bp, 7Y +36bp, 10Y +60bp.
  • W/w Turkey's term structure has flattened substantially with 7-10Y yields lifting +93-106bp.
  • Similarly, USD bonds capped off the week with a poor session, rising 12-15.5bp across the curve on Friday – with 3-10Y yields ending +29-36bp higher on week.
  • Turkey's 5Y CDS also lifted +33.24bp on week to breach 4.20 in Friday's session.