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2022

2021

  • Daiwa's View

    Daiwa's View

    26 August 2021 774 KB PDF
    • Factors behind yield declines and consensus on ratehike path.
    • Yield declines were led by term premium, as expected.
    • Unresolved gap in perceptions is likely to cause market turbulence in the future.
  • Daiwa's View

    Daiwa's View

    25 August 2021 796 KB PDF
    • 20-year JGB auction.
    • Trouble-free auction is expected, but slightly cautious about secondary trends.
  • Daiwa's View

    Daiwa's View

    24 August 2021 827 KB PDF
    • Schedule for supplementary budget, taking into consideration Yokohama mayoral election results
    • Cabinet decision and revision to JGB issuance plan are likely in NovDec
  • Daiwa's View

    Daiwa's View

    20 August 2021 532 KB PDF
    • The ‘cushion’ is gone.
    • With the new structure going forward, risk asset prices will likely be directly hit by negative factors.
  • Daiwa's View

    Daiwa's View

    20 August 2021 588 KB PDF
    • Relationship between ESG and credit spreads.
    • Credit spreads tighten on improvement in ESG factors.
  • Monthly MBS Issue

    Monthly MBS Issue

    17 August 2021 1409 KB PDF
    • Significant subordination percentage expected on high LTV and DTI.
  • Daiwa's View

    Daiwa's View

    17 August 2021 641 KB PDF
    • Things to keep an eye on going forward: Awareness about the Delta variant and comments about the pace of rate hikes.
  • Daiwa's View

    Daiwa's View

    16 August 2021 902 KB PDF
    • Yields fell back due to weak University of Michigan index.
    • Concerns about stagflation?