Total Derivatives

Bonds - JPY

The 20y JPY swap spread has pushed to its least negative point in 3 months. The 20s/30s curve steepening trend is expected to continue.

There has been some trade in ultralong swaps as the 30-year JGB yield rises ahead of the auction today.

Basis: Canny borrowers dodge spikes; SOFR basis update

Cross-currency basis swappers were unruffled by moves in their market today despite fairly sharp moves in first breaks due to the year-end turn.

Superlong JPY swaps have been busiest amidst calm price action. A more than ample supply of bank funding is keeping Samurai Bond issuance subdued.

There has been trade in superlong JPY swaps. The BOJ wants more fiscal policy coordination. JGB issuance is expected to focus on shorter tenors.

There has been trade in superlong JPY swaps today. Yoshihide Suga has succeeded Shinzo Abe as LDP leader and will be confirmed as PM this week.

Listing of structured bonds and vanilla bonds issued in the Asia Pacific markets over the past week.

Japanese monetary policy is expected to remain on track through the LDP leadership change. The BOJ is expected to upgrade its outlook.

JPY swap spreads have edged up and long bonds have been bid ahead of the 10y auction. Policy continuity is expected to follow PM Abe's resignation.

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