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Twist-Steepener Ahead Of 40Y Supply

JGBS
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In Tokyo morning trade, JGB futures are holding overnight gains, +6 compared to settlement levels, following today’s data drop.

  • April Exports rose 8.3% (+11% y/y) from last year, with Imports +8.3% y/y (+8.9% est).
  • (Bloomberg) Japan’s imports rebounded in April as the weak yen boosted their value, pushing the nation’s trade balance into deficit and highlighting the increasing economic burden stemming from the currency’s plunge. (See link)
  • Machinery Orders, excluding shipbuilding and utilities, rose 2.9% in March from February, seasonally adjusted.
  • The cash JGB curve has slightly twist-steepened, pivoting at the 10s, with yields -0.6bp to +1.4bps. The benchmark 10-year yield is 0.2bp higher at 0.983% after hitting a new cycle high of 0.988%. The 40-year yield is 1.4bps higher at 2.502% ahead of today’s supply.
  • The swaps curve has bear-steepened, with rates flat to 2bps higher.
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In Tokyo morning trade, JGB futures are holding overnight gains, +6 compared to settlement levels, following today’s data drop.

  • April Exports rose 8.3% (+11% y/y) from last year, with Imports +8.3% y/y (+8.9% est).
  • (Bloomberg) Japan’s imports rebounded in April as the weak yen boosted their value, pushing the nation’s trade balance into deficit and highlighting the increasing economic burden stemming from the currency’s plunge. (See link)
  • Machinery Orders, excluding shipbuilding and utilities, rose 2.9% in March from February, seasonally adjusted.
  • The cash JGB curve has slightly twist-steepened, pivoting at the 10s, with yields -0.6bp to +1.4bps. The benchmark 10-year yield is 0.2bp higher at 0.983% after hitting a new cycle high of 0.988%. The 40-year yield is 1.4bps higher at 2.502% ahead of today’s supply.
  • The swaps curve has bear-steepened, with rates flat to 2bps higher.