JPY Swaps: Longs given ahead of FOMC and US jobs data

Japanese Coins
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Long-dated JPY swaps were offered in quiet trading, as players were cautious ahead of the FOMC minutes and monthly US jobs data.

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  • Longs given ahead of FOMC and US jobs data

  • New issues

 

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Longs given ahead of FOMC and US jobs data

The rebound in JGB future on Tuesday has failed to sustain. The lead bond future was down 4-ticks at 148.69, after falling by 11-ticks near market open. The yield on the benchmark 10-year JGB was 2bps lower at 0.359%.

 

Trading in JPY swaps has not been busy ahead of the FOMC minutes early morning Asia time on Thursday, and before the monthly US jobs data this Friday. The US market was also closed on Tuesday, offering no extra trading clue for players in Japan.

 

Elsewhere USD/JPY rose past the 144.5 level again in domestic trading, after dipping to near 144.2 in overnight trading. However, this has only prompted escalated thoughts about BOJ’s intervention and thus receiving at the longer-end of the curve.

 

A dealer reported 20-year offers at down to about 0.9375%, down about a basis point from the previous close. 10-year has been slightly busier with flows in a tight range between 0.5425% and 0.545%, compared to previous close of around 0.5475%.

 

10s/20s swaps were a tad flatter at 39.25bps while 2s/10s swaps were 0.75bp flatter at 48.75bps.

 

 

New issues

  • Chiba Prefecture priced JPY20bn in 0.605%, July 25, 2033 bonds at JGBs + 21bps.

     

  • Fukui Prefecture raised JPY25bn via selling the following bonds:

     

    • JPY10bn, 0.205%, July 14, 2028 at JGBs + 13.5bps.

    • JPY10bn, 0.605%, July 14, 2033 at JGBs + 21bps.

    • JPY5bn, 0.752%, July 14, 2043 at JGBs + 31bps.

  • Hiroshima Prefecture sold JPY10bn in 0.605%, July 25, 2033 bonds at JGBs + 21bps.

     

  • JEHDR issued JPY75bn in 0.135%, July 31, 2028 bonds.

     

  • Kanagawa Prefecture sold JPY20bn in 0.190%, June 20, 2028 bonds at JGBs + 13bps.

     

  • Kitakyushu City raised JPY24bn via selling the following bonds:

     

    • JPY18bn, 0.752%, July 21, 2043.

    • JPY6bn, 1.079%, July 24, 2053.

     

  • Miyagi Prefecture sold JPY10bn in 0.605%, July 28, 2033 bonds at JGBs + 21bps.

     

  • NEC Corporation issued JPY40bn worth of bonds in two equal tranches as follows:

     

    • 0.355%, July 11, 2028 at JGBs + 29bps.

    • 0.840%, July 11, 2033.

     

  • Osaka Prefecture sold JPY10bn in 0.517%, July 28, 2033 bonds.

     

  • Sapporo City priced JPY10bn in 0.605%, June 20, 2033 bonds at JGBs + 21bps.

     

  • Shizuoka Prefecture sold JPY10bn in 0.605%, June 20, 2033 bonds at JGBs + 21bps.

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