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[MARKET ANALYSIS] Fixed income benchmarks rangebound, with Japan and US auctions ahead

Newsquawk Staff ·

  • Global fixed income benchmarks trade rangebound, helped by the lack of movement in energy prices. Government debt continues to be hit when energy benchmarks take a leg higher, as worries of pass-through into inflation alter the central bank’s policy reaction.
  • UST Futures oscillate in a narrow 128-27 to 108-31 band, with the 10yr yield topping just shy of the 4.60% mark in Wednesday’s session. The 10-year bond auction brought in strong demand, similar to the 3-year auction on Tuesday; however, this was dismissed as geopolitics remain front and centre. Ahead is a 30-year auction, which may bring strong demand as the 30yr yield returns back above 5.00%.
  • Bund Futures, similarly, trades in a tight 13-tick range. Contrary to the US auction, the 10-year Bund auction was poor. Debt fell following the auction; Bunds were already lower by c. 80 ticks pre-auction. The ECB minutes for the June meeting is on the docket later, with focus on how the committee viewed the July vs September argument at the time.
  • JGB Futures rotate in a 126.39-126.65 range. Moody’s came out with some positive commentary for Japan, reiterating its stable view despite the prospect of trillions of dollars of government spending. Results from a 5-year JGB auction are expected at 04:35BST.

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