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

JGBS

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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