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Large Bund downside

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Tuesday's bid in U.S. Tsys supported the JGB space during the Tokyo morning. Futures were +5 vs. settlement come the lunch bell, operating in a narrow trading band within the confines of the overnight range.

  • Cash JGB trade saw the major benchmarks firm by 0.5-1.5bp, with the super-long end outperforming.
  • A quick look at the results of the latest BoJ Rinban operations revealed the following offer to cover rations:
  • 3- to 5-Year: 2.40x (prev. 2.63x)
  • 5- to 10-Year: 3.09x (prev. 3.07x)
  • Elsewhere, local news flow saw confirmation that Chiba, Saitama & Kanagawa are formally seeking the declaration of a state of emergency re: COVID.