Japanese Yen (Jpy)

JPY Swaps: Data drives long-end bid; 2s/10s steeper

Domestic and overseas data has prompted better paying interest at the long-end of the JPY swap curve. 2s/10s swaps are steeper.

Asia-Pacific STNs: Callable zero; Kanga tap; JPY Uridashis

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

JPY Swaps: 10y USD spread too tight; Green bond

10y JPY-USD swap spread has tightened to a level that may soon trigger receiving in 10y JPY swaps. 20y saw light offered-side flow at the open.

JPY Swaps: Spreads steady as 10y supply looms

JPY swap spreads have steadied and ticked slightly higher ahead of a 10-year JGB auction today. Tokyo CPI printed above expectations.

JPY Swaps: 20y spread cheaper; Tibor/Libor trade

The 20y swap spread has cheapened. A Tibor/Libor trade has been proposed. The recent bout of yen strength has slowed.

JPY Bonds: Who will absorb the additional supply?

JGB issuance has increased significantly following Japan's second supplementary (COVID-19 response) budget. Who will absorb this extra issuance?

USDi: BEs throw a chop-fest into month-end

Month-end proved to be a flow-driven random walk for BEs that ultimately saw them solidly in the black off the back of decent end-user demand.

JPY Swaps: 2s/10s too flat; Equity triggers 20y offers

The sharp strengthening of JPY has prompted receiving at the long-end of the JPY swap curve. 2s/10s swaps are now too flat.

USDi: Dismal data pressures BEs; Month-end eyed

Dismal GDP data pressured BEs lower today with the back-end giving back yesterday’s FOMC-driven gains. Attention shift to month-end tomorrow.

Basis: Hungry for gamma in pancake-flat market

In a year of statistical firsts a flatter basis swaps curve will not earn a ‘Bong’ moment on the ITV news, but gamma flow is weighing heavily upon it.