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Free AccessA lacklustre morning for JGB futures, with.....>
JGBS: A lacklustre morning for JGB futures, with the contract sitting in a tight
range after extending on yesterday's gains in the overnight session.
- The cash curve continues to move flatter, with 10-Year yields finishing the
morning session at 0.55bp, as they played catch up to Tuesday's move in Tsys.
- As a reminder the BoJ reduced the number of Rinban operations covering the
10-25 and 25+ Year JGBs in December to 4 apiece, from 5 previously. Today's
Rinban operations are the first to cover the aforementioned buckets in December.
The BoJ upped the size of its 10-25 Year purchases by Y20bn to Y200bn, while it
left the size of its 25+ Year operations steady at Y50bn. If those purchase
rates hold through the month, the BoJ will buy Y100bn less of 10-25 Year JGBs
vs. the previous rate & Y50bn less of 25+Year JGBs vs. the previous rate.
- Offer to cover ratios for the Rinban ops were as follows. 5-10 Year 1.89
(prev. 1.78) 10-25 Year 2.58 (prev. 2.85) 25+ Year 3.32 (prev. 3.63)
- The usual guarded rhetoric from BoJ's Wakatabe did little to stir trading
activity. Focus now moves to tomorrow's liquidity enhancement auction for off
the run 15.5-39 Year JGBs.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.