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A Little Softer In Wake Of Rinban

JGBS

JGB futures ticked lower during the Tokyo morning, with the move extending during the Tokyo afternoon after an uptick in the offer/cover ratio in the latest round of 5- to 10-Year BoJ Rinban ops. Futures last print -9. The cash curve was subjected to some modest twist steepening. Swap spreads are a touch wider across most of the curve.

  • •The weekend saw Japan's ruling LDP Party lose 3 by-elections across Hiroshima, Nagano and Hokkaido, hardly a stamp of approval for PM Suga.
  • •In terms of Rinban specifics, the latest round of BoJ 1- to 10-Year Rinban operations saw the purchase sizes left as they were, with the following offer to cover ratios seen:
  • •1- to 3- Year: 2.84x (prev. 2.87x)
  • •3- to 5- Year: 3.01x (prev. 4.12x)
  • •5- to 10- Year: 3.32x (prev. 2.53x)
  • •The BoJ's latest monetary policy decision will be issued tomorrow (see our full preview for more details on that matter).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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