Bonds - JPY
The flow of JPY equity-linked Uridashis has slowed while foreign borrowers are still bringing issues in the Kangaroo and Kauri markets in Australasia.
After a quiet start to the week, both sides of the Atlantic are seeing strong issuance, with USD supply from non-domestic issuers booming.
There has been trade in super long sector of the JPY swap curve. Extra bond issuance will test the BOJ in the coming months. CACIB sold Samurai Bonds.
QUICK is now publishing prototype alternative JPY LIBOR rates. Extra virus-related issuance is not expected to increase interest rate volatility.
The long-end of the curve has steepened in calm trade. Japan's government and central bank have pledged a continued joint coronavirus response.
A 30-year JPY swap spread trade idea has been proposed. We also look at how and where the second supplementary budget is expected to impact issuance.
JPY swap spreads have widened in calm trade after Q1 GDP data confirmed Japan was in recession before the COVID-19 hit.
JPY swap spreads are wider as JGBs lead a rally after a strong 10y JGB auction. The BOJ says its unlimited bond purchases won't cause hyperinflation.
Listing of structured bonds and vanilla bonds issued in the Asia Pacific markets over the past week.
Issuance-wise April started with a glut of deals from money-grabbing oil companies. Now it is the turn of the fizzy drink giants.