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Corrective Bounce


Turkish Bonds Gain W/W as CBRT Meeting Approaches


Bearish Threat Following Friday’s Sell-Off


EGB Supply For W/C Jan 17, 2021 (2/2)

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Futures sit +10, extending on their modest overnight gains. The major JGB benchmarks are little changed to ~1.5bp richer across the curve, with 7s outperforming on the curve, pointing to a futures-driven bid there. The broader space is receiving some support from the Omicron-related bid in U.S. Tsys. In local news, Finance Minister Suzuki looked to play down any worries re: cash handout expenditure, pointing to the contribution to consumption.

  • This morning’s BoJ Rinban operations saw the following offer/cover ratios:
  • 1- to 3-Year: 3.35x
  • 3- to 5-Year: 2.75x
  • 10- to 25-Year: 3.27x