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Up From Recent Lows, But Downside Bias Intact, 10yr Climate Bond Sale Today

JGBS
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JGB futures finished above earlier lows on Monday. We closed at 143.52, against opening lows sub 143.45 for JBM4.

  • Still, the broader trajectory remains to the downside from a JGB futures standpoint. Recent losses haven't been able to sustain sub 143.50 levels, so this could be a focus point on any fresh downside in the first part of Tuesday trade.
  • The early impetus from US Tsy futures has been very steady.
  • On the data front today, we have the April PPI services print. The market expects a 2.3% y/y print, unchanged from the March outcome.
  • Note we also have a 10yr climate transition bond sale today.
  • Cash JGB yields finished up yesterday at 1.025%, a new cycle high. The 10yr swap rate was last just above 1.05%.
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JGB futures finished above earlier lows on Monday. We closed at 143.52, against opening lows sub 143.45 for JBM4.

  • Still, the broader trajectory remains to the downside from a JGB futures standpoint. Recent losses haven't been able to sustain sub 143.50 levels, so this could be a focus point on any fresh downside in the first part of Tuesday trade.
  • The early impetus from US Tsy futures has been very steady.
  • On the data front today, we have the April PPI services print. The market expects a 2.3% y/y print, unchanged from the March outcome.
  • Note we also have a 10yr climate transition bond sale today.
  • Cash JGB yields finished up yesterday at 1.025%, a new cycle high. The 10yr swap rate was last just above 1.05%.